47Consolidation of land

47 Consolidation of land

47 Consolidation of land

(1) This section applies if land subject to property tax (property tax land) is consolidated with land not subject to property tax.

(2) The consolidated land is subject to property tax with the proportion subject to property tax being the proportion obtained by multiplying—

(a) the proportion of the property tax land subject to property tax, and

(b) the ratio of—

(i) the land value the property tax land would have had if the consolidation had not occurred, and

(ii) the land value of the consolidated land.

(3) For the purposes of this section the Chief Commissioner may use—

(a) the land value recorded in the Register of Land Values for the land, or

(b) if no land value is recorded in the Register of Land Values for the land—a land value for the land determined by the Chief Commissioner using—

(i) a method prescribed by the regulations, or

(ii) if no method is prescribed—a method the Chief Commissioner considers appropriate.

(4) If no land value is recorded in the Register of Land Values for the land—

(a) the Chief Commissioner may ask the Valuer-General to determine the land value for the land, and

(b) the Valuer-General must—

(i) determine the land value in accordance with the Valuation of Land Act 1916, and

(ii) record the land value in the Register of Land Values.