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The Valuation of Land Act 1971 allows the Valuer-General to determine Notional Valuations for Site Value and Capital Value in certain cases where the criteria for their determination has been met.
Notional Values are best described as concessional values that have regard to the actual use of the land, rather than the more valuable best potential use of the land that would otherwise be considered in determining the Site Value or Capital Value.
As a consequence a Notional Value will be less than the Market Value of the land.
There are two types of Notional Values, one for primary production and the other for residential.