sec.101Valuation of stratum lots

### sec.101 Valuation of stratum lots Despite the Land Valuation Act 2010 and any other Act relating to valuation of land or the rating of land, the valuer-general in valuing land comprised in a stratum plan within the corporation area must, for the purposes of those Acts, apply the following principles of valuation— the valuer-general must first value the land comprised in the stratum plan as though the land were a single parcel of land in 1 ownership even though the land may consist of 1 or more stratum lots; the valuer-general must then apportion the value of the land in the stratum plan between the stratum lots in the stratum plan according to the value proportions allocated from time to time in the management statement for each stratum lot. The value apportioned to each stratum lot under subsection (1) (b) is, for the purposes of making, levying, imposing, assessing or recovering rates, taken to be the value of the stratum lot. If a management statement is amended to give effect to a change in the value proportions allocated to a stratum lot, the valuer-general must, on notification of the amendment, cause new valuations to be made of the stratum lots affected by the amendment— if the amendment is made under section 42 (8) —by apportioning the former value of the former stratum lot the subject of the subdivision between the new stratum lots created by the subdivision according to the new value proportions allocated for each new stratum lot; and if the amendment is made under section 42 (10) —by taking the sum of the former values of the former stratum lots the subject of the amalgamation as the value of the stratum lot created by the amalgamation; and if the amendment is made under section 46 (11) —by apportioning the value of the land in the stratum plan between the stratum lots in the stratum plan according to the new value proportions allocated for each stratum lot, or, if the value proportions of some stratum lots remain unchanged, according to those unchanged proportions. If a stratum lot in a stratum plan is a stratum parcel, the value apportioned under this section to the stratum lot is taken to be the value of the stratum parcel for the purposes of schedule 4 , part 4 , division 7 . For ‘value’ in this section see the Land Valuation Act 2010 , chapter 2 and chapter 10 , part 3 . s 101 ins 1991 No. 67 s 2 amd 2010 No. 39 s 325 sch 1 pt 2 (sec.101-ssec.1) Despite the Land Valuation Act 2010 and any other Act relating to valuation of land or the rating of land, the valuer-general in valuing land comprised in a stratum plan within the corporation area must, for the purposes of those Acts, apply the following principles of valuation— the valuer-general must first value the land comprised in the stratum plan as though the land were a single parcel of land in 1 ownership even though the land may consist of 1 or more stratum lots; the valuer-general must then apportion the value of the land in the stratum plan between the stratum lots in the stratum plan according to the value proportions allocated from time to time in the management statement for each stratum lot. (sec.101-ssec.2) The value apportioned to each stratum lot under subsection (1) (b) is, for the purposes of making, levying, imposing, assessing or recovering rates, taken to be the value of the stratum lot. (sec.101-ssec.3) If a management statement is amended to give effect to a change in the value proportions allocated to a stratum lot, the valuer-general must, on notification of the amendment, cause new valuations to be made of the stratum lots affected by the amendment— if the amendment is made under section 42 (8) —by apportioning the former value of the former stratum lot the subject of the subdivision between the new stratum lots created by the subdivision according to the new value proportions allocated for each new stratum lot; and if the amendment is made under section 42 (10) —by taking the sum of the former values of the former stratum lots the subject of the amalgamation as the value of the stratum lot created by the amalgamation; and if the amendment is made under section 46 (11) —by apportioning the value of the land in the stratum plan between the stratum lots in the stratum plan according to the new value proportions allocated for each stratum lot, or, if the value proportions of some stratum lots remain unchanged, according to those unchanged proportions. (sec.101-ssec.4) If a stratum lot in a stratum plan is a stratum parcel, the value apportioned under this section to the stratum lot is taken to be the value of the stratum parcel for the purposes of schedule 4 , part 4 , division 7 . For ‘value’ in this section see the Land Valuation Act 2010 , chapter 2 and chapter 10 , part 3 . - (a) the valuer-general must first value the land comprised in the stratum plan as though the land were a single parcel of land in 1 ownership even though the land may consist of 1 or more stratum lots; - (b) the valuer-general must then apportion the value of the land in the stratum plan between the stratum lots in the stratum plan according to the value proportions allocated from time to time in the management statement for each stratum lot. - (a) if the amendment is made under section 42 (8) —by apportioning the former value of the former stratum lot the subject of the subdivision between the new stratum lots created by the subdivision according to the new value proportions allocated for each new stratum lot; and - (b) if the amendment is made under section 42 (10) —by taking the sum of the former values of the former stratum lots the subject of the amalgamation as the value of the stratum lot created by the amalgamation; and - (c) if the amendment is made under section 46 (11) —by apportioning the value of the land in the stratum plan between the stratum lots in the stratum plan according to the new value proportions allocated for each stratum lot, or, if the value proportions of some stratum lots remain unchanged, according to those unchanged proportions.