QLDIn ForceAct
Land Valuation Act 2010
sec.31Geothermal, GHG and petroleum leases
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### sec.31 Geothermal, GHG and petroleum leases
The value of land in the area of a geothermal lease, GHG lease or petroleum lease is the lesser of the following—
the value of the surface area of the land;
6 times the yearly rent payable for the lease.
In this section—
yearly rent , for the lease, is the annual rent under the Act under which the lease is granted on the valuation day.
s 31 amd 2010 No. 53 s 59 (retro)
(sec.31-ssec.1) The value of land in the area of a geothermal lease, GHG lease or petroleum lease is the lesser of the following— the value of the surface area of the land; 6 times the yearly rent payable for the lease.
(sec.31-ssec.2) In this section— yearly rent , for the lease, is the annual rent under the Act under which the lease is granted on the valuation day.
- (a) the value of the surface area of the land;
- (b) 6 times the yearly rent payable for the lease.