24Property tax amount—class of land use

24 Property tax amount—class of land use

24 Property tax amount—class of land use

(1) The property tax amount must be calculated as if land had a single class of land use for a financial year.

(2) The property tax amount for a class of land use for land for a financial year is—

(a) if subsection (5) applies—the property tax indexed amount for the class of land use for the land for the financial year, or

(b) otherwise—the lesser of the following—

(i) the property tax indexed amount for the class of land use for the land for the financial year, or

(ii) the property tax amount for the class of land use for the land for the previous financial year multiplied by 1.04.

(3) The property tax indexed amount for a class of land use for land for a financial year is calculated by adding the land value component for the class of land use for the land for the financial year to—

(a) for land that is owner-occupied—the fixed component for the financial year as set out in Schedule 2, section 1(1), or

(b) for land that is not owner-occupied—the fixed component for the financial year as set out in Schedule 2, section 1(2).

(4) The land value component for a class of land use for land for a financial year is calculated by multiplying—

(a) the land value of the land subject to property tax—

(i) at the beginning of the previous financial year, and

(ii) as if the proportion of the land subject to property tax were 100%, and

(b) the land value rate for the financial year, as set out in Schedule 2, section 2 for the class of land use.

(5) This subsection applies for the purposes of subsection (2)(a) if—

(a) the land was not subject to property tax in the previous financial year, or

(b) no included owner of the land was an included owner of the land in the previous financial year, or

(c) the land is a deemed lot under section 23 which has an apportionment factor that has been introduced or changed in the financial year or the previous financial year, or