sec.90Capping of taxable value of land for 2010–11 financial year

sec.90 Capping of taxable value of land for 2010–11 financial year

This section applies to land for the financial year starting 1 July 2010 (the 2010–11 financial year ) if— section 30 does not apply to the land for the 2010–11 financial year; and the land had an unimproved value, within the meaning of the repealed Act, that applied for the financial year starting on 1 July 2009 (the previous financial year ); and the uncapped value of the land for the 2010–11 financial year is more than 150% of the relevant unimproved value of the land for the previous financial year. Despite section 16, the taxable value of the land for the 2010–11 financial year is the capped value of the land for the financial year. For section 81, the prohibited grounds include the ground that the relevant unimproved value of the land for the previous financial year is excessive if the underlying value, or each underlying value, is the value of the area or interest made or caused to be made by the chief executive under VOLA. In this section— capped value , of land for the 2010–11 financial year, means 150% of the relevant unimproved value of the land for the previous financial year. relevant unimproved value has the meaning given under the repealed Act, section 2. uncapped value , of land for the 2010–11 financial year, means the lesser of— the VOLA value of the land for the financial year; or the averaged value of the land for the financial year. (sec.90-ssec.1) This section applies to land for the financial year starting 1 July 2010 (the 2010–11 financial year ) if— section 30 does not apply to the land for the 2010–11 financial year; and the land had an unimproved value, within the meaning of the repealed Act, that applied for the financial year starting on 1 July 2009 (the previous financial year ); and the uncapped value of the land for the 2010–11 financial year is more than 150% of the relevant unimproved value of the land for the previous financial year. (sec.90-ssec.2) Despite section 16, the taxable value of the land for the 2010–11 financial year is the capped value of the land for the financial year. (sec.90-ssec.3) For section 81, the prohibited grounds include the ground that the relevant unimproved value of the land for the previous financial year is excessive if the underlying value, or each underlying value, is the value of the area or interest made or caused to be made by the chief executive under VOLA. (sec.90-ssec.4) In this section— capped value , of land for the 2010–11 financial year, means 150% of the relevant unimproved value of the land for the previous financial year. relevant unimproved value has the meaning given under the repealed Act, section 2. uncapped value , of land for the 2010–11 financial year, means the lesser of— the VOLA value of the land for the financial year; or the averaged value of the land for the financial year.

• (a) section 30 does not apply to the land for the 2010–11 financial year; and