sec.75Working out the 2-year averaged value

### sec.75 Working out the 2-year averaged value The 2-year averaged value of land for a financial year is the amount that equals— if the land had a value for the previous financial year— the value of the land for the previous financial year plus the value of the land for the financial year divided by 2; or if the land did not have a value for the previous financial year— the value of the land for the financial year multiplied by the 2-year averaging number. The 2-year averaging number , for a financial year, is the number calculated to 2 decimal places by using the formula— where— T is the total of the values of all rateable land in the local government’s area for the financial year and the previous financial year. V is the value of all rateable land in the local government’s area for the financial year. (sec.75-ssec.1) The 2-year averaged value of land for a financial year is the amount that equals— if the land had a value for the previous financial year— the value of the land for the previous financial year plus the value of the land for the financial year divided by 2; or if the land did not have a value for the previous financial year— the value of the land for the financial year multiplied by the 2-year averaging number. (sec.75-ssec.2) The 2-year averaging number , for a financial year, is the number calculated to 2 decimal places by using the formula— where— T is the total of the values of all rateable land in the local government’s area for the financial year and the previous financial year. V is the value of all rateable land in the local government’s area for the financial year. - (a) if the land had a value for the previous financial year— • the value of the land for the previous financial year • plus the value of the land for the financial year • divided by 2; or - • the value of the land for the previous financial year - • plus the value of the land for the financial year - • divided by 2; or - (b) if the land did not have a value for the previous financial year— • the value of the land for the financial year • multiplied by the 2-year averaging number. - • the value of the land for the financial year - • multiplied by the 2-year averaging number. - • the value of the land for the previous financial year - • plus the value of the land for the financial year - • divided by 2; or - • the value of the land for the financial year - • multiplied by the 2-year averaging number.