sec.76Working out the 3-year averaged value

### sec.76 Working out the 3-year averaged value The 3-year averaged value of land for a financial year is the amount that equals— if the land had a value for the 2 previous financial years— the sum of the value of the land for each of the 2 previous years plus the value of the land for the financial year divided by 3; or if the land did not have a value for the 2 previous financial years— the value of the land for the financial year multiplied by the 3-year averaging number. The 3-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 2 financial years. V is the value of all rateable land in the local government’s area for the financial year. (sec.76-ssec.1) The 3-year averaged value of land for a financial year is the amount that equals— if the land had a value for the 2 previous financial years— the sum of the value of the land for each of the 2 previous years plus the value of the land for the financial year divided by 3; or if the land did not have a value for the 2 previous financial years— the value of the land for the financial year multiplied by the 3-year averaging number. (sec.76-ssec.2) The 3-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 2 financial years. 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 2 previous financial years— • the sum of the value of the land for each of the 2 previous years • plus the value of the land for the financial year • divided by 3; or - • the sum of the value of the land for each of the 2 previous years - • plus the value of the land for the financial year - • divided by 3; or - (b) if the land did not have a value for the 2 previous financial years— • the value of the land for the financial year • multiplied by the 3-year averaging number. - • the value of the land for the financial year - • multiplied by the 3-year averaging number. - • the sum of the value of the land for each of the 2 previous years - • plus the value of the land for the financial year - • divided by 3; or - • the value of the land for the financial year - • multiplied by the 3-year averaging number.