Principles of Land Valuation

In explaining the principles of land valuation, it is necessary to make reference to the law of the subject, and it is impossible to discuss those principles without associating with them the term unimproved value. The meaning of unimproved value as defined by the various acts, is practically the same as the definition in the Federal Land Tax Act, which describes unimproved value in relation to improved land to be the capital sum which the fee simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require, assuming that at the time at which the value is required to be ascertained, the improvements did not exist.