26Apportioned assessed land value for principal residence land

26 Apportioned assessed land value for principal residence land

(1)  [Section 26 Subsection (1) amended by No. 5 of 2010, s. 8, Applied:01 Jul 2010] If principal residence land is used for other purposes, not including a qualifying home business, in addition to the principal residence of an owner or a related person of the owner, the Commissioner is to apportion the land value of the land between principal residence land and general land.

(2)  [Section 26 Subsection (2) amended by No. 40 of 2006, s. 25, Applied:01 Jul 2007] [Section 26 Subsection (2) amended by No. 40 of 2006, s. 25, Applied:01 Jul 2007] [Section 26 Subsection (2) substituted by No. 54 of 2017, s. 4, Applied:01 Jul 2017] The apportioned assessed land value in respect of principal residence land used as the principal residence of the owner, or a related person of the owner, is determined by multiplying the assessed land value by the proportion of land area so used.

(2A)  [Section 26 Subsection (2A) inserted by No. 54 of 2017, s. 4, Applied:01 Jul 2017] For the purposes of subsection (2), the land area is the area of the land together with the areas of all additional floors above or below ground level (but not including the ground floor) of all structures on the land.

(3)  The apportioned assessed land value in respect of general land is the assessed land value less the apportioned assessed land value in respect of principal residence land.