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4.—(1) Relative property value is the value of a property as at January 1999 calculated in accordance with this paragraph divided by £49,750.
(2) Except in the case of supported housing, the value of the property mentioned in sub-paragraph (1) must be determined by a RICS valuation method based on an Existing Use Valuation assuming vacant possession and continued residential use.
(3) The value of a property which is supported housing may be determined in accordance with sub-paragraph (2) or by a RICS valuation method based on Depreciated Replacement Cost using the tables of land values contained in the Rent Standard Guidance 2015.
(4) For the purposes of this paragraph—
(a)“RICS valuation method” has the same meaning as in paragraph 4(8) of Part 1 of Schedule 2 to the Act (provision about levels of rents);
(b)“Existing Use Valuation” and “Depreciated Replacement Cost” are to be construed in accordance with the Appraisal and Valuation Manual(1) published by the Royal Institution of Chartered Surveyors.
ISBN 9781783211050; see the explanatory note for details of how to obtain this document.
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