For non-farming properties, the commercial lease value of an [glossary:asset:296] is the value that can reasonably be obtained by using the asset. Generally this is the asset's market rental value.
For farming properties, the commercial lease value is assessed by the [glossary:AVO:412]. Reassessment may be requested if the valuation does not sufficiently take into account any of the following:
- inherent characteristics of the land, eg soil conditions, erosion, salinity, condition of fencing,
- demand for the land,
- general farm incomes,
- legal impediments to commercial use, eg an existing lease,
- expenses incurred if the farm is leased, eg rates, insurance, interest,
- value of water licences (if relevant), or
- value of tobacco quotas (if relevant).
Note: If the asset does not have commercial lease value then notional income for the asset cannot be assessed.