19APartially exempt land: conservation covenants

19A Partially exempt land: conservation covenants

[Section 19A Inserted by No. 40 of 2012, s. 11, Applied:22 Nov 2012]

(1)  Land tax is not payable in respect of land –

(a) that is subject to a conservation covenant; or

(b) in respect of which a conservation covenant has been entered into, where the conservation covenant has not been registered under the Land Titles Act 1980 .

(2)  However, for the purposes of subsection (1) , if the conservation covenant applies only to a part of the land, the Commissioner is to apportion the land value of the land between exempt land and general land, for which purpose –

(a) the apportioned assessed land value in respect of exempt land is to be determined by multiplying the assessed land value of the land by the proportion of the land to which the conservation covenant applies; and

(b) the apportioned assessed land value in respect of general land is to be the assessed land value of the land less the apportioned assessed land value in respect of exempt land as calculated under paragraph (a) .

(3)  In this section –

conservation covenant means –

(a) a conservation covenant under Part 5 of the Nature Conservation Act 2002 ; or

(b) a conservation covenant under a prescribed instrument.