40Reassessment—noncompletion of development

40 Reassessment—noncompletion of development (a) the commissioner has made an assessment of rates (the previous rates assessment) for a qualifying parcel of land for a period; and (b) before the end of the period— (i) the parcel stops being a qualifying parcel because of the happening of a circumstance mentioned in section 36 (1) (c) or (d) or the giving of a notice under section 36 (2); or (ii) the commissioner is satisfied that the parcel has stopped being a qualifying parcel because of a circumstance mentioned in section 36 (1) (b), (e) or (f). (2) The commissioner must reassess the amount of rates payable for the parcel for the period when the parcel was a qualifying parcel for— (a) the period when the previous rates assessment was made; or (b) if there has been more than 1 assessment—the period equal to both or all of the periods for which assessments were made. (3) The reassessment must be on the basis that the parcel is not, and was never, a qualifying parcel.