2Levy of contribution

2 Levy of contribution

2 Levy of contribution

(1) In respect of declared land, there shall be charged, levied, collected and paid in accordance with the provisions of the Principal Act and at the times and in the manner therein provided:

(a) development contribution calculated at the rate of thirty per centum of the leviable increase in the price of the land, and

(b) development contribution calculated at the rate of thirty per centum of the leviable increase in the value of the land.

(2) Where, on assessment in accordance with the Principal Act, the amount of contribution payable would, but for this subsection, be:

(a) less than one dollar, no contribution is payable, or

(b) an amount consisting of a number of dollars and a number of cents:

(i) if the number of cents is less than fifty—the number of cents shall be disregarded, or

(ii) if the number of cents is fifty or more—the number of cents shall be disregarded and the amount of the contribution payable shall be that number of dollars increased by an amount of one dollar.