Hi Dallas,
At our August meeting we discussed this issue. The RP executive have been advised that if the land is identified as a heritage item within the LEP, the VG will value the property under S14 VLAct1919.
The valuation would be based on the assumptions below:
14G Valuation subject to heritage restrictions under EPI
(1) Land that is heritage restricted on the date by reference to which its land value is to be determined is to have its land value determined on the basis of the following assumptions—
(a) that the land may be used only for the purpose, if any, for which it was used when the value is determined,
(b) that all improvements on that land when the value is determined may be continued and maintained in order that the use of that land as referred to in paragraph (a) may be continued,
(b1) that all improvements referred to in paragraph (b) on that land are new (without any deduction being made because of their actual condition),
(c) that no improvements, other than those referred to in paragraph (b), may be made to or on that land,
(d) that the cost of construction of improvements on that land has no effect on its land value, with the result that there is to be no reduction in land value because of any difference between the cost of construction of the improvements referred to in paragraph (b) as new improvements and the cost of construction of other improvements used as a basis for comparison in the determination of land value
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