29Unit subdivisions—rates

29 Unit subdivisions—rates (1) This section applies to a parcel of land that is a unit subdivision. (2) If rates imposed for the parcel for the year when the units plan is registered are not paid before registration of the units plan, they are payable by the person who was the owner of the parcel on the day before the day when the units plan was registered. (3) On and after 1 July after the day when the units plan is registered or, if it is registered on 1 July, on and after that 1 July— (a) the rates imposed for the parcel are payable by the unit owners; and

Application of Act to unit subdivisions Division 5.1 (b) the amount payable by each unit owner is the amount worked out under subsection (4); and (c) no rates for the parcel are payable by the owners corporation. (4) Rates are imposed on a unit that is part of a unit subdivision in accordance with— (a) for a unit other than a residential unit—the following formula: FC + (AUVU × P); or (b) for a residential unit—the following formula: FC + (AUVRUP × UE TUER) AUVRU means the AUV of the parcel proportionate to the number of residential units in the parcel, worked out as follows: AUV × TUER TUE AUVRUP means the AUVRU adjusted by the applicable percentage rate, worked out as follows: AUVRU × P AUVU means the AUV of the parcel proportionate to the unit in the parcel, worked out as follows: AUV × UE TUE FC—see section 14 (3). P—see section 14 (3). residential unit means a unit that is residential land.

TUE means the total unit entitlement of all the units in the units plan. TUER means the total unit entitlement of all the residential units in the units plan. UE means the unit entitlement of the unit.