Valuer-General Victoria v WSTI Properties 490 SKR Pty Ltd

Statutes – Interpretation – Valuation of land – Where land with heritage residence subject to site-specific heritage overlay – Where definition of "site value" in s 2(1) of Valuation of Land Act 1960 (Vic) means value of land assuming improvements not made – Where definition of "improvements" in s 2(1) of Valuation of Land Act means work done or material used that increases value of land and has unexhausted benefit – Whether question whether work done or material used increases value of land determined at time of valuation or at time work was done or material was used – Whether Court of Appeal's erroneous construction of "improvements" was material to its decision to dismiss appeal.

Words and phrases – "benefit is unexhausted", "development potential", "financially feasible", "heritage overlay", "highest and best use", "hypothetical prudent buyer", "hypothetical prudent seller", "improvements", "increases the value", "land value", "legally permissible", "market value", "materiality", "physically possible", "site value", "time of the valuation", "unimproved value", "valuation for rating and taxing purposes", "work done or material used".

Valuation of Land Act 1960 (Vic) – ss 2, 5A.