sec.274Offset for 2011 unimproved-site value difference

### sec.274 Offset for 2011 unimproved-site value difference This section applies to land if— immediately before the 2011 valuation-making day, the land had an unimproved value under the repealed Valuation Act; and on the 2011 valuation-making day, the land has a site value that is more than $1m greater than the unimproved value (the 2011 unimproved-site value difference ). Despite chapter 2, part 2, the land’s value for the following years is its site value reduced by the offset under section 275 (the offset )— the year to which the 2011 annual valuation applies; the years to which the annual valuations up until the 2023 annual valuation apply. Subsection (2) applies only while the same person who owned the land on the 2011 valuation-making day continues to be the owner of the land. A person does not cease to be the owner of land if the cessation is— a transmission by death from the person to the person’s personal representative; or a transfer from one joint tenant to another; or a transfer by right of survivorship. If the person ceases to be an owner of a part of the land, subsection (2) does not apply to that part. In this section, a reference to cessation of ownership includes cessation because of— for cessation in relation to part of the land—the compulsory acquisition of the part; or for cessation in relation to all of the land—the compulsory acquisition of all of the land. For this section, a person does not cease to be the owner of land while the person continues to be, whether jointly or severally, seised or possessed of or entitled to any estate or interest in the land. (sec.274-ssec.1) This section applies to land if— immediately before the 2011 valuation-making day, the land had an unimproved value under the repealed Valuation Act; and on the 2011 valuation-making day, the land has a site value that is more than $1m greater than the unimproved value (the 2011 unimproved-site value difference ). (sec.274-ssec.2) Despite chapter 2, part 2, the land’s value for the following years is its site value reduced by the offset under section 275 (the offset )— the year to which the 2011 annual valuation applies; the years to which the annual valuations up until the 2023 annual valuation apply. (sec.274-ssec.3) Subsection (2) applies only while the same person who owned the land on the 2011 valuation-making day continues to be the owner of the land. (sec.274-ssec.4) A person does not cease to be the owner of land if the cessation is— a transmission by death from the person to the person’s personal representative; or a transfer from one joint tenant to another; or a transfer by right of survivorship. (sec.274-ssec.5) If the person ceases to be an owner of a part of the land, subsection (2) does not apply to that part. (sec.274-ssec.6) In this section, a reference to cessation of ownership includes cessation because of— for cessation in relation to part of the land—the compulsory acquisition of the part; or for cessation in relation to all of the land—the compulsory acquisition of all of the land. (sec.274-ssec.7) For this section, a person does not cease to be the owner of land while the person continues to be, whether jointly or severally, seised or possessed of or entitled to any estate or interest in the land. - (a) immediately before the 2011 valuation-making day, the land had an unimproved value under the repealed Valuation Act; and - (b) on the 2011 valuation-making day, the land has a site value that is more than $1m greater than the unimproved value (the 2011 unimproved-site value difference ). - (a) the year to which the 2011 annual valuation applies; - (b) the years to which the annual valuations up until the 2023 annual valuation apply. - (a) a transmission by death from the person to the person’s personal representative; or - (b) a transfer from one joint tenant to another; or - (c) a transfer by right of survivorship. - (a) for cessation in relation to part of the land—the compulsory acquisition of the part; or - (b) for cessation in relation to all of the land—the compulsory acquisition of all of the land.