S.L. 123.173 Art. 7Deemed cost of the land.

(1) For the purpose of article 14(1)(f) and (j) of the Act and of these rules, the cost of the land on which an industrial building or structure is constructed shall, unless otherwise identified, be deemed to be equivalent to the market value of the land at the time of the construction or acquisition of the property, taking into account also the provisions of rule 5.

(2) In any dispute over the market value of property to which these rules refer, an architect’s valuation that has been confirmed on oath and that includes a declaration that the provisions of these rules have been taken into account shall be admissible as evidence. When different valuations are produced in the proceedings in the Administrative Review Tribunal, the Tribunal shall, unless the parties otherwise agree, appoint another architect to report on the value after examining the valuations that have been produced and inspecting the property, and the Tribunal shall decide the matter after taking into account the said report and any other consideration that it may consider appropriate.