4References in this Act to base date valuation

4 References in this Act to base date valuation

4 References in this Act to base date valuation

(1) For the purposes of assessing any contribution, a reference in this Act to a base date valuation in respect of any land is a reference:

(a) except as provided by paragraph (b), to the valuation of that land as at the base date, 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 base date and ending on the date on which that land became liable for that contribution.

(2) For the purposes of subsection (1) 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 (1) that is within a quinquennial period commencing on the first day of August in the year one thousand nine hundred and seventy-four or in any fifth year thereafter, such other percentage per annum as may be prescribed in respect of that quinquennial period.

(3) A regulation prescribing another percentage for the purposes of subsection (2) shall not be made except on the recommendation of the Treasurer.