16BHow assessment or reassessment of land to be made

16B How assessment or reassessment of land to be made

[Section 16B of Part 2 Inserted by No. 16 of 2022, s. 8, Applied:01 Jul 2022]

(1)  An assessment, or reassessment, of the liability for foreign investor land tax is to be made in respect of each folio of the Register kept under section 33 of the Land Titles Act 1980 in respect of the land to which the assessment or reassessment relates.

(2)  If –

(a) there is a folio of the Register kept under section 33 of the Land Titles Act 1980 in respect of land to which an assessment or reassessment relates; and

(b) a determination of the value of the land has been made under the Valuation of Land Act 2001  –

the assessed land value of the land is the value specified in the determination on applying any relevant adjustment factor determined by the Valuer-General under Part 9A of that Act.

(3)  If –

(a) an area of land (the initial area of land) has been divided into areas of land (the subsequent areas) consisting of –

(i) lots, or lots and common property, on a strata plan within the meaning of the Strata Titles Act 1998 ; or

(ii) lots created after land has been subdivided within the meaning of Part 3 of the Local Government (Building and Miscellaneous Provisions) Act 1993 ; or

(iii) areas of land that are distinguishable from each other; and

(b) folios of the Register kept under section 33 of the Land Titles Act 1980 have not been, before 1 July of the financial year to which the assessment, or reassessment relates, issued in respect of the subsequent areas of land –