28Home-unit companies

28 Home-unit companies

(1)  The Commissioner is to apportion the land value of land owned by a home-unit company between the flats located on that land.

(2)  The apportioned assessed land value in respect of a flat in a home-unit company is determined by multiplying the assessed land value by the ratio of the floor area of the flat to the total area of all flats in the home-unit company.

(3)  If part of principal residence land owned by a home-unit company is not used as the principal residence of a person owning shares in the home unit company, the Commissioner is to apportion the land value of the land between principal residence land and general land.

(4)  The apportioned assessed land value in respect of principal residence land owned by a home-unit company is the sum of the apportioned assessed land value in respect of the flats in the home-unit company used as principal residences of persons owning shares in the home-unit company.

(5)  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.