6Land value of unvalued land on Lord Howe Island

6 Land value of unvalued land on Lord Howe Island

6 Land value of unvalued land on Lord Howe Island

(1) For the purposes of section 20 of the Act, the land value of land on Lord Howe Island is to be calculated as follows—

(a) in the case of a levy valuation that is provided for the purpose of charging the levy in the 3-year period starting on 1 July 2017—at a rate of $70 for each whole square metre (and, if the number of square metres includes a fraction, $7 for each whole tenth of a square metre),

(b) in the case of a levy valuation that is provided for the purpose of charging the levy in a subsequent 3-year period—at the adjusted rate for that 3-year period for each whole square metre (and, if the number of square metres includes a fraction, one-tenth of the adjusted rate for each whole tenth of a square metre).

(2) The land value calculated under subclause (1) is to be rounded to the nearest $1,000 (and an amount of $500 is to be rounded up).

(3) The adjusted rate for a 3-year period is the rate calculated by the Valuer-General as follows—

where—

P is the percentage determined by the Valuer-General under subclause (4) before the start of the 3-year period.

(4) By the date of 15 March occurring immediately before the start of each 3-year period (other than the first 3-year period), the Valuer-General is to determine the percentage by which average land values of land within public benefit land, farmland, residential land, industrial land and commercial land property sectors in New South Wales have changed between 1 July 2016 and the last preceding date of 1 July.

(5) On or before the date of 15 April occurring immediately before the start of a 3-year period for which a determination is made under subclause (4), the Valuer-General is to publish in the Gazette—

(a) the percentage determined under subclause (4), and

(b) the adjusted rate for the 3-year period.

(6) Until the Valuer-General’s determination is published in the Gazette, the adjusted rate for a 3-year period is taken to be the rate for the previous 3-year period.

(7) In this clause, 3-year period means—