10Leviable increase in the value of land

10 Leviable increase in the value of land

10 Leviable increase in the value of land

(1) For the purposes of this Act, the leviable increase in the value of any land is:

(a) where the final valuation of that land exceeds the base date valuation of that land—the amount ascertained by deducting from that final valuation that base date valuation, and

(b) where that final valuation does not exceed that base date valuation—nil.

(2) The reference in subsection (1) to the final valuation of any land is a reference:

(a) except as provided in paragraph (b), to the valuation of that land as at the date (in this section referred to as the final date) upon which an interim development order or planning scheme is published in the Gazette, being the interim development order or planning scheme that is first so published after the date on which an order:

(i) under section 11, and

(ii) applying to the land,

is so published, or

(b) where that valuation has been altered in accordance with section 47 or 49, to that valuation as so altered,

increased in either case by an amount equal to the appropriate percentage of that valuation, or of that valuation as so altered, calculated in respect of each complete year or part thereof within the period commencing on the final date and ending on the date on which the land became liable for contribution calculated on the leviable increase in the value of the land.

(3) For the purposes of subsection (2) the appropriate percentage is:

(a) except as provided in paragraph (b), two per centum per annum, or

(b) in respect of any part of the period referred to in subsection (2) that is within a quinquennial period referred to in paragraph (b) of subsection (2) of section 4, the percentage prescribed for the purposes of that paragraph in respect of that quinquennial period.

(4) A regulation prescribing another percentage for the purposes of subsection (3) shall not be made except on the recommendation of the Treasurer.