9AAAverage value of land

9AA Average value of land

9AA Average value of land

(1) For the purposes of this Act, the average value of a parcel of land is the average of the land value of the land in relation to the year for which the average value is being ascertained (the current land tax year) and the land value of the land in relation to the 2 preceding land tax years (the preceding land tax years).

(2) If a land value adjustment is required in relation to a parcel in the current land tax year, the average value is to be determined before that land value adjustment is made (that is, on the basis of the land value without that land value adjustment) and, despite any other provision of this Act, the Valuation of Land Act 1916 or the Heritage Act 1977, the land value adjustment is to be applied, for the purpose of assessing land tax, to the average value of the land for that land tax year (and not the land value).

(3) For the purposes of this section, a land value adjustment is—

(a) a land value reduction, being any reduction that is required to be made to the land value of land under this Act for the purpose of assessing land tax, or

(b) (Repealed)

(c) a special allowance, being any allowance made in respect of the land value of land under Division 3 or 4 of Part 1B of the Valuation of Land Act 1916.

(4) In the case of a land value reduction, the land value adjustment is to be applied to the average value of land by applying any provision of this Act that specifies that the land value is to be reduced for the purpose of assessing land tax as if a reference to the land value of land were a reference to the average value of land.

Note.

For example, the reductions provided for by sections 9A, 9BA, 9C, 9D, 9E, 10 (2), (2A) and (2C), 10Q (4) and 10R (3) will now apply to the average value of the land in a land tax year and not to the land value of the land.

(5) (Repealed)

(6) In the case of a special allowance, the land value adjustment is to be applied to the average value of the land by deducting the allowance from the average value.

(7) If a parcel of land did not exist on 31 December immediately before either or both of the preceding land tax years, the average value of the land is taken to be—