Land Tax Act 2010
sec.18Averaged value
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sec.18 Averaged value
The averaged value , of land for a financial year, is— if there are Land Valuation Act values of the land for the financial year and the previous 2 financial years—the amount that is the average of those 3 values; or otherwise—the amount equal to the Land Valuation Act value of the land for the financial year multiplied by the averaging factor for the year. For subsection (1) , the averaging factor for a financial year is the number calculated to 2 decimal places using the following formula— where— T means the total of the Land Valuation Act values, for the financial year and the previous 2 financial years, of all land for which there is or was a Land Valuation Act value for that year. V means the total of the Land Valuation Act values of all land for which there is a Land Valuation Act value for the financial year. s 18 amd 2010 No. 39 s 314 sch 1 pt 2 (sec.18-ssec.1) The averaged value , of land for a financial year, is— if there are Land Valuation Act values of the land for the financial year and the previous 2 financial years—the amount that is the average of those 3 values; or otherwise—the amount equal to the Land Valuation Act value of the land for the financial year multiplied by the averaging factor for the year. (sec.18-ssec.2) For subsection (1) , the averaging factor for a financial year is the number calculated to 2 decimal places using the following formula— where— T means the total of the Land Valuation Act values, for the financial year and the previous 2 financial years, of all land for which there is or was a Land Valuation Act value for that year. V means the total of the Land Valuation Act values of all land for which there is a Land Valuation Act value for the financial year.
- (a) if there are Land Valuation Act values of the land for the financial year and the previous 2 financial years—the amount that is the average of those 3 values; or
- (b) otherwise—the amount equal to the Land Valuation Act value of the land for the financial year multiplied by the averaging factor for the year.