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Glossary of terms

Common property

Land in a community title or strata title scheme which is defined on the relevant community plan or strata plan and for which a certificate of title is issued in the name of the community corporation or strata corporation.

Consideration

In conveyancing terms, the word is generally used to refer to the reason or explanation for the transfer of land. Typically, it is an amount of money paid by the transferee to the transferor, but it may refer to some less tangible factor, such as the natural love and affection the transferor bears towards the transferee.

Equivalent main area

The total area under the main roof with percentage reductions for structures that are considered to be a lesser component or of differing construction than the main structure - eg carports, garages, verandahs, porches and rear lean-to.

Land Use Code

The Valuer-General assisgns a land use code to each valuation record which he/she creates.  The Valuation of land Act 1971 does not provide for objection to land use and cannot be accepted by the Valuer-General.  A code between 1 and 9 is used to represent the categories of land use by the Local Government Authority.  Land Use Code Booklet

Site Area

  • Approx, Approximate - data unreliable or boundaries not fixed - is also used when referring to square kilometres
  • Calc, Calculated - derived from plan data
  • Deduced - derived by subtraction from a previously calculated area.

Values

  • Site value - the value of the land including site improvements (such as levelling, retaining walls and clearing of timber) but excluding structural improvement.
  • Capital value - the value of the land including all improvements permanently attached to the ground (such as buildings and sheds).
  • Notional value - concessional property valuations that protect existing uses where there is pressure to alter the use away from the current use or the current zoning allows for a more valuable use. The notional value will disregard any potential enhancements to value including existing land divisions. The lower notional value will be used by rating authorities to provide rate relief to the owners. Refer to the Valuation of Land Act 1971 Section 22A.

The types of notional values are:

  • Residential - to qualify the owner must be a natural person and the property is their principal place of residence.
  • Rural - to qualify the land must be genuinely used for the 'business of primary production'.
  • Heritage - to qualify the land must form part of the state heritage as defined under Section 22B of the Valuation of Land Act 1971.
  • Native vegetation - granted under the Native Vegetation Act 1991. To qualify an agreement must be registered on the certificate of title under Section 23 of the act.