74Classification of mixed development land

74 Classification of mixed development land

74 Classification of mixed development land

(1) If a valuation is furnished under the Valuation of Land Act 1916 for mixed development land, a council may:

(a) classify the part of the land that is non-residential land as industrial land, commercial land or public benefit land, as the case requires (the first classification), and

(b) classify the remaining part of the land as residential land (the second classification).

(2) In that case, the levy payable is the sum of the following amounts:

(a) the amount obtained by applying the apportionment factor to the levy that would be payable for the land if it were wholly within the first classification,

(b) the amount obtained by applying the remainder factor to the levy that would be payable for the land if it were wholly within the second classification.

(3) The apportionment factor is the apportionment factor for the parcel ascertained under section 14X of the Valuation of Land Act 1916.

(4) The remainder factor is the factor obtained by deducting the apportionment factor from 100%.

(5) In this section, mixed development land and non-residential land have the same meanings as in Division 5 of Part 1B of the Valuation of Land Act 1916.