46Land tax on parts of land

46 Land tax on parts of land (1) If it is necessary to assess land tax (other than vacant residential land tax) on a part of land, the land tax applicable to that part is the proportion of the land tax, assessed on the taxable value of the whole land, that the taxable value of the part bears to the total taxable value of the whole land. S. 46(2) inserted by No. 28/2017 s. 60(2). (2) If it is necessary to assess vacant residential land tax on part of land, the vacant residential land tax applicable to that part is the proportion of the vacant residential land tax, assessed on the taxable value of the whole of the land, that the taxable value of the part bears to the total taxable value of the whole land. S. 46AA inserted by No. 69/2011 s. 29. 46AA Title-based time-sharing schemes (1) The owner of land to which a title-based time-sharing scheme relates is to be assessed on the total value of all taxable land to which the scheme relates as if the land were the only land owned by that person. (2) A participant in a title-based time-sharing scheme incurs a debt in an amount equivalent to the proportion of the participant's interest in the land to the person who— (a) is the owner of the land to which the title-based time-sharing scheme relates; and (b) has been assessed for land tax under subsection (1). Pt 3 Div. 2A (Heading and ss 46A–46K) inserted by No. 85/2005 s. 27.