31Estimate of non-vacant properties

31 Estimate of non-vacant properties

31 Estimate of non-vacant properties

(1) The estimated number of non-vacant properties in a property sector is an estimate adopted by the Valuer-General, for a financial year, of the number of non-vacant parcels of land in that property sector in that financial year.

(2) The estimated value of non-vacant properties in a property sector is an estimate adopted by the Valuer-General, for a financial year, of the total land value, for levy purposes, of all non-vacant parcels of land in that property sector in that financial year.

(3) A parcel of land is non-vacant if it is not sub-classified as vacant land.

(4) The Valuer-General is to prepare and adopt an estimated number of non-vacant properties and an estimated value of non-vacant properties, for each property sector, and give each estimate to the Treasurer by 15 March in the year in which the financial year for which the estimate is made commences or by a later date approved by the Treasurer.

(5) An estimate of value is to be rounded to the nearest multiple of $100,000 (with an amount of $50,000 rounded up).

(6) Estimates are not required for the government land property sector.

(7) In this section, a reference to a parcel of land is a reference to a parcel of land that is a separate parcel of land under this Act.