262Valuations

262 Valuations

(1) An Authority that sets a tariff may—

S. 262(1)(a) amended by No. 67/2017 s. 79(1).

(a) use the most recent general valuation; or

S. 262(b) amended by Nos 91/1994 s. 36(12), 85/2006 s. 111(1)(a).

(b) cause its own valuation to be made by a valuer; or

S. 262(c) inserted by No. 85/2006 s. 111(1)(b).

(c) in the case of Melbourne Water Corporation, use the relevant valuation for the price determination applying at the time of the setting of the tariff—

for the purposes of fixing the amount of any fee imposed in relation to that property under the tariff.

S. 262(2) inserted by No. 85/2006 s. 111(2).

(2) In this section—

Essential Services Commission has the same meaning as Commission has in the Essential Services Commission Act 2001;

S. 262(2) def. of general valuation inserted by No. 67/2017 s. 79(2).

general valuation has the same meaning as in the Valuation of Land Act 1960;

price determination means a price determination made by the Essential Services Commission under section 4D of the Water Industry Act 1994 and section 33 of the Essential Services Commission Act 2001;

relevant valuation, in relation to a price determination, means the valuation which forms the basis of the tariffs submitted by Melbourne Water Corporation to the Essential Services Commission and which is approved in the price determination.