9FReduction in land value for certain build-to-rent properties—general

9F Reduction in land value for certain build-to-rent properties—general

9F Reduction in land value for certain build-to-rent properties—general

(1) This section applies in relation to land owned by a person at midnight on 31 December in any year after 2024.

(2) For the purpose of assessing land tax payable by the owner of the land, the land value of a parcel of land is to be reduced by 50% if—

(a) a building is situated on the parcel of land, and

(b) construction of the building commenced on or after 1 July 2020, and

(c) the Chief Commissioner is satisfied that—

(i) the building is being used and occupied for a build-to-rent property in accordance with guidelines approved by the Treasurer for this section (the Treasurer’s guidelines), and

(ii) the building has not, at any time, been used and occupied for a purpose other than for a build-to-rent property in accordance with the Treasurer’s guidelines, and

(iii) the building was constructed in accordance with the Treasurer’s guidelines, and

(d) a reduction in land value under section 9E has not occurred in relation to the parcel of land in connection with the building in any year, and

(e) an application for the reduction is made in accordance with this section.

(3) If the Chief Commissioner is satisfied that only part of the parcel of land, or only part of a building on the parcel of land, is being used and occupied for a build-to-rent property under this section, the reduction in land value under subsection (2) must be proportionately decreased in accordance with the Treasurer’s guidelines.

(4) For section 9E(7) and subsections (2)(d) and (3), section 9E and this section may, subject to this Act, apply to the same parcel of land at the same time so long as 1 section applies only to 1 part of the parcel of land and the other section applies only to another part of the parcel of land.

(5) This section does not apply to an owner of land in relation to a tax year unless—

(a) the owner applies to the Chief Commissioner for the reduction in the form approved by the Chief Commissioner, and