sec.44Rent adjustments for change of rental valuation or category of tenure

sec.44 Rent adjustments for change of rental valuation or category of tenure

If a new rental valuation of land subject to a tenure is made in a rental period because of an action under the Act , the amount of rent payable for the tenure must be adjusted from the first quarter day after the action was taken. subdividing a lease under chapter 4 , part 3 , division 4 of the Act If the rental valuation of land for a rental period is amended on an appeal or objection under the Land Valuation Act 2010 — the amount of rent payable for the rental period must be adjusted proportionately; and interest, at the prescribed rate, on rent overpaid for the rental period because of the amendment must be paid from the day the rent was paid until the day the overpaid rent is refunded. If, on appeal, a tenure is allocated to a new rental category, the tenure holder must be credited with— the rent for the tenure that, because of the decision on the appeal, has been overpaid; and interest, at the prescribed rate, on the overpaid rent from when the rent was paid until the appeal was decided. In this section— prescribed rate means 2% compounding monthly. s 44 amd 2024 Act No. 12 s 84 (sec.44-ssec.1) If a new rental valuation of land subject to a tenure is made in a rental period because of an action under the Act , the amount of rent payable for the tenure must be adjusted from the first quarter day after the action was taken. subdividing a lease under chapter 4 , part 3 , division 4 of the Act (sec.44-ssec.2) If the rental valuation of land for a rental period is amended on an appeal or objection under the Land Valuation Act 2010 — the amount of rent payable for the rental period must be adjusted proportionately; and interest, at the prescribed rate, on rent overpaid for the rental period because of the amendment must be paid from the day the rent was paid until the day the overpaid rent is refunded. (sec.44-ssec.3) If, on appeal, a tenure is allocated to a new rental category, the tenure holder must be credited with— the rent for the tenure that, because of the decision on the appeal, has been overpaid; and interest, at the prescribed rate, on the overpaid rent from when the rent was paid until the appeal was decided. (sec.44-ssec.4) In this section— prescribed rate means 2% compounding monthly.

• (a) the amount of rent payable for the rental period must be adjusted proportionately; and
• (b) interest, at the prescribed rate, on rent overpaid for the rental period because of the amendment must be paid from the day the rent was paid until the day the overpaid rent is refunded.
• (a) the rent for the tenure that, because of the decision on the appeal, has been overpaid; and
• (b) interest, at the prescribed rate, on the overpaid rent from when the rent was paid until the appeal was decided.