sec.50Discount until parcel developed or ownership changes

### sec.50 Discount until parcel developed or ownership changes This section applies for the making and levying of rates on the relevant parcel for the discounted valuation period. The local government must discount the value of the relevant parcel by 40%. In this section— discounted valuation period , for the relevant parcel, means the period starting when the land of which the parcel was a part was subdivided and ending on the earlier of the following days— the day on which there is a change in the ownership of the relevant parcel; the day the relevant parcel becomes developed land. (sec.50-ssec.1) This section applies for the making and levying of rates on the relevant parcel for the discounted valuation period. (sec.50-ssec.2) The local government must discount the value of the relevant parcel by 40%. (sec.50-ssec.3) In this section— discounted valuation period , for the relevant parcel, means the period starting when the land of which the parcel was a part was subdivided and ending on the earlier of the following days— the day on which there is a change in the ownership of the relevant parcel; the day the relevant parcel becomes developed land. - (a) the day on which there is a change in the ownership of the relevant parcel; - (b) the day the relevant parcel becomes developed land.