When reporting a market value (MV) of land and building, a single value is provided.  The main reason for this is the simple fact that a building cannot be sold without the land.  Another reason is that the sales evidence to which a Valuer would rely to determine MV do not distinguish between the price for land and the price for building.

Financial institutions and accountants have historically requested separate values for land and building to satisfy their requirements.  However, apportioning the MV would be misleading since, as mentioned before, a building cannot have a separate MV on its own.

Subsequent to a meeting between Bankers Association (BATT) and the Institute of Surveyors of Trinidad & Tobago (ISTT) sometime ago, it was agreed as an effective compromise to this conundrum, to provide a separate value for the land only (under the special assumption that the site is vacant).  This can be provided since land can be sold on its own.

The provision of a MV for land and building and a MV for land only allows for an inferred value of the building only by subtracting the Opinions of value provided.  This inferred value is mentioned in the article: Cost & Market Value.