Valuation Act, 2001

Valuation on the contractor's basis.

50.—If, in determining the net annual value of property or any part of it in accordance with section 48 , a method of valuation relying on the notional cost of constructing or providing the property or part is used, then, notwithstanding subsection (3) of that section, the net annual value of the property or part, for the purposes of that section, shall be an amount equal to 5 per cent of the aggregate of the replacement cost, depreciated where appropriate, of the property or part and the site value of the property or, as the case may be, part.