20What is the dutiable value of dutiable property?

20 What is the dutiable value of dutiable property? (1) The dutiable value of dutiable property that is subject to a dutiable transaction is the greater of— (a) the consideration (if any) for the dutiable transaction (being the amount of a monetary consideration or the value of a non-monetary consideration); and (b) whichever of the following applies: (i) for a land rent lease—the amount that would be the unencumbered value of the lease if it were a Crown lease that is not a land rent lease; (ii) for any other dutiable property—the unencumbered value of the dutiable property. (2) The dutiable value of a dutiable transaction that is the transfer of a commercial lease with premium is the amount of the premium. (3) However, if the lease is granted for more than 1 purpose including commercial purposes, the dutiable value is worked out as follows: PxDV DV means the dutiable value mentioned in subsection (2). P means the percentage of the land the subject of the lease, determined by the commissioner, that is used for commercial purposes. (5) The dutiable value of a partnership interest mentioned in section 28 is to be determined in accordance with that section. land rent lease—see the Land Rent Act 2008, dictionary.