Legislative Assembly for the ACT: 2018 Week 09 Hansard (Thursday, 23 August 2018) . . Page.. 3631 ..
Mr Barr (in reply to a question and a supplementary question by Mr Coe on Thursday, 16 August 2018):
The ACT Valuation Office will recommend an unimproved value for a new block of land taking into consideration the sale price of the block, sales evidence of comparable vacant land, and as necessary analysing all types of property sales to work back to a vacant land value.
The advice is forwarded to the Commissioner for ACT Revenue who makes the unimproved value determination for rating purposes.
Where there are very few vacant land sales in a suburb, the UV of the vacant land will be somewhat lower than its sales price in recognition of the premium paid for scarcity. This ensures that there are not large disparities between recently sold vacant land and nearby blocks.