32Estimate of vacant properties

32 Estimate of vacant properties

32 Estimate of vacant properties

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

(2) The estimated value of 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 vacant parcels of land in that property sector in that financial year.

(3) The Valuer-General is to prepare and adopt an estimated number of vacant properties and an estimated value of 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.

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

(5) Estimates are not required for the government land, public benefit land or farmland property sectors.

(6) 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.