30Cooperative housing societies

30 Cooperative housing societies

(1)  If land owned by a cooperative housing society is used partly for residential purposes and partly for other purposes, the Commissioner is to request the Valuer-General to supply separate valuations in respect of each part.

(2)  The apportioned assessed land value in respect of land owned by a cooperative housing society is determined by multiplying the assessed land value by the ratio of the area of the land to the total land used for residential purposes.

(3)  If part of principal residence land owned by a cooperative housing society is not used as a principal residence, 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 cooperative housing society is the sum of the apportioned assessed land value in respect of the land owned by the cooperative housing society used as principal residences.

(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.