sec.132Valuation of stratum lots

sec.132 Valuation of stratum lots

In valuing land comprised in a stratum plan, the valuer-general must follow the following steps— the land comprised in the stratum plan must be first valued as though the land were a single parcel of land in a single ownership even though the land may consist of 1 or more stratum lots; the value of the land in the stratum plan must then be apportioned between the stratum lots in the stratum plan according to the value proportions allocated in the management statement. For the purposes of making, levying and assessing rates, charges and land tax, the value apportioned to each stratum lot is taken to be the value of the stratum lot. If the management statement is amended to give effect to a change in the value proportions allocated to a stratum lot, the valuer-general must, on notification of the amendment, make new valuations of the stratum lots affected by the amendment— if the amendment is made under section 123 (3) —by apportioning the former value of the former stratum lot the subject of the subdivision between the new stratum lots created by the subdivision according to the new value proportions allocated in the amended management statement; and if the amendment is made under section 124 (3) —by taking the total of the former values of the former stratum lots the subject of the amalgamation as the value of the stratum lot created by the amalgamation; and if the amendment is made under section 136 (1) (a) —by apportioning the value of the land in the stratum plan between the stratum lots in the stratum plan— according to the new value proportion allocated in the amended management statement; or if the value proportions of some stratum lots remain unchanged—according to the unchanged proportions. If a stratum lot in a stratum plan has become a stratum parcel, the value apportioned under this section to the stratum lot is taken to be the value of the stratum parcel for the purposes of division 7 of part 4 of the Building Units and Group Titles Act 1980 . Subsection (1) has effect despite the Land Valuation Act 2010 or any other Act relating to the valuation or rating of land, but is taken to be a valuation of land under the Land Valuation Act 2010 . For ‘value’ see the Land Valuation Act 2010 , chapter 2 and chapter 10 , part 3 . s 132 amd 2010 No. 39 s 325 sch 1 pt 2 (sec.132-ssec.1) In valuing land comprised in a stratum plan, the valuer-general must follow the following steps— the land comprised in the stratum plan must be first valued as though the land were a single parcel of land in a single ownership even though the land may consist of 1 or more stratum lots; the value of the land in the stratum plan must then be apportioned between the stratum lots in the stratum plan according to the value proportions allocated in the management statement. (sec.132-ssec.2) For the purposes of making, levying and assessing rates, charges and land tax, the value apportioned to each stratum lot is taken to be the value of the stratum lot. (sec.132-ssec.3) If the management statement is amended to give effect to a change in the value proportions allocated to a stratum lot, the valuer-general must, on notification of the amendment, make new valuations of the stratum lots affected by the amendment— if the amendment is made under section 123 (3) —by apportioning the former value of the former stratum lot the subject of the subdivision between the new stratum lots created by the subdivision according to the new value proportions allocated in the amended management statement; and if the amendment is made under section 124 (3) —by taking the total of the former values of the former stratum lots the subject of the amalgamation as the value of the stratum lot created by the amalgamation; and if the amendment is made under section 136 (1) (a) —by apportioning the value of the land in the stratum plan between the stratum lots in the stratum plan— according to the new value proportion allocated in the amended management statement; or if the value proportions of some stratum lots remain unchanged—according to the unchanged proportions. (sec.132-ssec.4) If a stratum lot in a stratum plan has become a stratum parcel, the value apportioned under this section to the stratum lot is taken to be the value of the stratum parcel for the purposes of division 7 of part 4 of the Building Units and Group Titles Act 1980 . (sec.132-ssec.5) Subsection (1) has effect despite the Land Valuation Act 2010 or any other Act relating to the valuation or rating of land, but is taken to be a valuation of land under the Land Valuation Act 2010 . For ‘value’ see the Land Valuation Act 2010 , chapter 2 and chapter 10 , part 3 .