(1)  The Valuer-General must, subject to this section, make –

(a) valuations of the land values, capital values and assessed annual values –

(i) of all lands (other than Crown lands and lands held by or on behalf of statutory authorities) within each valuation district; and

(ii) except where so directed by the Minister, of such Crown lands and lands held by or on behalf of statutory authorities within each valuation district as the Valuer-General thinks proper to include in the valuation; and

(b) valuations of the assessed annual values of such Crown lands and lands held by or on behalf of statutory authorities within the outer islands and leased for grazing or agricultural purposes as the Valuer-General thinks proper to include in the valuation.

(2)  Subject to subsection (1)(b) , a valuation or revaluation made under this section may include the land values, capital values and assessed annual values of the estates and interests of all owners in any such lands and omit the value of such estates and interests as are dependent on other estates and interests in the land.

(3)  For the purposes of this Act, the following provisions apply to and in respect of the assessed annual value of any land:

(a) the land is taken not to include any plant, machine, tool or other appliance not fixed to the land or the foundations of any such plant, machine, tool or appliance;

(b) in the case of Crown land, or land held by or on behalf of a statutory authority, that is leased for grazing or agricultural purposes and that is part of the outer islands, the assessed annual value is not to exceed the gross annual rental value of the land used for those purposes (including the added value of the lessee's improvements) at the date of the assessment;

(c) in the case of land which is occupied in portions by more persons than one, the Valuer-General may separately assess the annual value of those portions if he or she, having regard to the occupation or construction of the land or improvements, or the structural alterations (if any) made in it, is satisfied that the land is capable of separate occupation;

(d) the land is taken to include any structure that the Valuer-General determines is occupied or is capable of being occupied;

(e) subject to paragraph (b) , the assessed annual value of the land is not to be in any case less than 4 per cent of the capital value of the land.

(4)  For the purposes of this Act, in the assessment of the capital value of land –

(a) the land is taken not to include any plant, machine, tool or other appliance not fixed to the land or the foundations of any such plant, machine, tool or appliance; and

(b) the land is taken to include any structure that the Valuer-General determines is occupied or is capable of being occupied.

(5)  For the purposes of this Act, the land value of land is to be assessed in accordance with the following rules:

(a) the land value of land is the capital sum which the fee simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require, assuming that the improvements, if any, on the land or appertaining to the land, other than land improvements made or acquired by the owner or the owner's predecessor in title, had not been made;

(b) notwithstanding paragraph (a) , in determining the land value of any land it is to be assumed that –

(i) the land may be used, or may continue to be used, for any purpose for which it was being used or for which it could be used, at the date to which the valuation relates; and

(ii) any improvements which are required by law to be used for any purpose or to be retained in their present form continue to exist or be made, as so required;

(c) where the land is comprised in –

(i) a plan taking effect as a sealed plan under section 94 of the Local Government (Building and Miscellaneous Provisions) Act 1993 ; or

(ii) a previously approved plan as defined in section 80 of the Local Government (Building and Miscellaneous Provisions) Act 1993  –

and is still vested in the owner who submitted the plan for sealing or approval or his or her successor in title to the whole of those lands or so much of those lands as has not been sold as lots, the value of any works mentioned in section 86 of the Local Government (Building and Miscellaneous Provisions) Act 1993 is to be included in the land value.

(6)  For the purposes of this Act, the following provisions apply to the assessment of the land value of land that is part only of a parcel of land that extends to the airspace above and the subsoil below:

(a) in the case of any such parcel subdivided in accordance with a scheme within the meaning of the Strata Titles Act 1998  –

(i) the land value of the parcel is to be divided between all such parts in accordance with the general unit entitlement of each part under the Strata Titles Act 1998 ; or

(ii) if the Valuer-General is satisfied that the valuation of a parcel under subparagraph (i) would be inaccurate, the land value of the parcel is to be divided between all such parts in the ratio of the land value of each part to the total land value of the parcel;

(b) in any other case, the land value of the parcel is to be divided between all such parts in the ratio of the annual value of each part to the total annual value of the parcel.

(7)  For the purposes of this Act, in the assessment of the land value, the capital value and the assessed annual value of land used primarily and effectively for growing trees to be cut for commercial or industrial uses, use as firewood excepted, and of an area –

(a) in the case of indigenous trees not in an artificially established plantation, of not less than 10 hectares; and

(b) in the case of an artificially established plantation, whether indigenous or foreign trees (including a plantation artificially established and naturally regenerated), of not less than one hectare –

the value of the trees growing on the land is not to be included.

(8)  Subsection (7) does not apply to valuations made for the purposes of section 44 or 51 of this Act or for the purposes of the Land Titles Act 1980 .

(9)  Where there is on any land a movable dwelling unit erected under Part VIA of the Homes Act 1935 , the land value, the capital value and the assessed annual value of the land are to be assessed as if the unit and its ancillary features (within the meaning of that Part of that Act) and any works constructed for the provision of services to the unit had not been erected, constructed or placed on the land.