11BRedetermination—chargeable variation of nominal rent

11B Redetermination—chargeable variation of nominal rent lease (a) the territory planning authority executes a chargeable variation of a nominal rent lease in relation to a parcel of land; and (b) the variation affects the unimproved value of the parcel of land. (2) The commissioner must redetermine the unimproved value of the parcel as soon as practicable after the territory planning authority executes the variation.

(3) A redetermination under subsection (2) applies to the parcel for the (a) beginning on the day the territory planning authority executes the variation; and chargeable variation, of a nominal rent lease—see the Planning Act 2023, section 327.