53Annual rent

#### 53 Annual rent 53 Annual rent > > (1) Annual rent is to be calculated for an urban Western lands lease as follows— > > > > %20AND%20(No%3D0088)%20AND%20(Year%3D2018)%20AND%20(%22Historical%20Document%22%3D0))/g7.gif) > > where— > > > > LV represents the land value (within the meaning of the [Valuation of Land Act 1916](/view/html/inforce/current/act-1916-002)) of the land comprised in the urban Western lands lease. > > > > p represents a percentage specified by subclause (3) with respect to the class of land to which the urban Western lands lease belongs. > > > (2) However, the annual rent cannot be less than the minimum rent applicable under section 6.4 of the Act. > > > (3) For the purposes of the symbol p in the formula in subclause (1)— > > > > > (a) 6 percent is the percentage for Western lands leases of the Urban (Business) class (which is a class consisting of leases expressed to be granted or issued for business purposes), > > > > > (b) 3 percent is the percentage for Western lands leases of the Urban (General) class (which is a class consisting of all other urban leases).