Valuation of Land Amendment Bill 2003 (Qld)

Queensland

VALUATION OF LAND AMENDMENT BILL 2003

Queensland

VALUATION OF LAND AMENDMENT

BILL 2003 TABLE OF PROVISIONS

Section Page 1 Short title... eee eee ene 4 2 Act amended .. 0... eee 4 3 Amendment of s 2 (Definitions) ............. 0.0 cece eee eee eee eee 4 4 Amendment of s 4 (Meaning of "improved value") ................... 4 5 Amendment of s 6 (Meaning of "improvements") .................05. 4 6 Insertion of news 35A 2.1... eee eee eee 5

35A Valuing intangible improvements ..................00..00005 5 7 Insertion of new pt 10.0.0... eee eee 6

PART 10—TRANSITIONAL PROVISION FOR VALUATION OF LAND AMENDMENT ACT 2003

101 Date for applications under section 35A .............000000008 6

A BILL FOR

An Act to amend the Valuation of Land Act 1944

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sl 4 s5 Valuation of Land Amendment Bill 2003

The Parliament of Queensland enacts—

1 Short title This Act may be cited as the Valuation of Land Amendment Act 2003.

2 Act amended This Act amends the Valuation of Land Act 1944.

3 Amendment of s 2 (Definitions) Section 2— insert—

' "intangible improvements" see section 6.'.

4 Amendment of s 4 (Meaning of "improved value'') Section 4, after 'fee simple of the land'— insert—

', including improvements, '.

5 Amendment of s 6 (Meaning of "improvements"') (1) Section 6(1), 'visible or invisible' — omit, insert— 'visible, invisible or intangible'. (2) Section 6— insert— "(5) In this section—

"intangible improvements", in relation to land, include the benefit of non-physical improvements to the land including a lease, licence or other right and the goodwill associated with the purpose for which the land is being used.'.

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s6 5 s6 Valuation of Land Amendment Bill 2003

6 Insertion of new s 35A After section 35— insert— '35A Valuing intangible improvements