28Ad valorem rate formula

28 Ad valorem rate formula

28 Ad valorem rate formula

(1) The Treasurer is to determine the ad valorem rate of the levy for a property sector using the ad valorem rate formula.

(2) The ad valorem rate formula is the following formula:

where:

A is the ad valorem rate of the levy for the property sector for the financial year for which the determination is being made.

R is the revenue target for the property sector for the financial year.

F is the fixed component of the levy for the property sector for the financial year.

Nnv is the estimated number of non-vacant properties in the property sector for the financial year.

D is 1 minus the vacant land discount for the financial year.

Nv is the estimated number of vacant properties in the property sector for the financial year.

C is the pensioner discount amount for the financial year.

P is the estimated number of pensioner discount properties in the property sector for the financial year.

Vnv is the estimated value of non-vacant properties in the property sector for the financial year.

Vv is the estimated value of vacant properties in the property sector for the financial year.

(3) For the public benefit land and farmland property sectors, Nv and Vv are taken to be zero.

(4) Expressions used in the ad valorem rate formula have the meanings given by this Division.