Land: valuation: undivided shares: interest in undivided share
Where land is held in undivided shares all of the owners or leaseholders have a shared interest in the land. None holds any part of it to the exclusion of the others. For valuation purposes the asset to be valued is the taxpayer’s interest. Because an undivided share is often less saleable than an entire interest the valuation may be discounted to reflect this.
An example of land held in undivided shares would be three individuals who together inherited a parcel of land consisting of three fields. When they sell to a developer each sells as owner of an undivided interest in all three fields.