Land Tax Act 2004

This section applies if an owner of a parcel of land—

enters into an agreement with a registered community housing provider; and

makes the parcel of land available under the agreement to the provider for the purpose of affordable community housing.

The parcel of land is exempt from land tax.

Under s 14, the commissioner must be told within 30 days if there is a change in circumstances that would cause land tax to become payable for the parcel.

An agreement under subsection (1) must require the registered community housing provider to—

take all reasonable steps to rent the parcel of land for affordable community housing; and

before the 1st day of a quarter, notify the commissioner whether or not the parcel of land is rented.

Subsection (2) does not apply if—

the parcel of land is not rented within 3 months after the date the parcel—

is made available under the agreement to the registered community housing provider; or

if rented, stops being rented; or

any part of the parcel of land is rented for a purpose other than affordable community housing under the agreement; or

the owner does not satisfy the criteria determined under subsection (5) (a); or

the parcel of land would exceed the maximum number of parcels determined under subsection (5) (b) (i); or

the amount of land tax exempted would exceed the maximum value of land tax determined under subsection (5) (b) (ii); or

the parcel of land would exceed the maximum number of parcels for which an owner is entitled determined under subsection (5) (b) (iii).

The Minister may determine—

criteria that an owner of a parcel of land must satisfy before being eligible for an exemption under this section; and

1 or more of the following:

the maximum number of parcels of land that are entitled to an exemption under this section;

the maximum value of land tax that may be exempted under this section;

the maximum number of parcels of land for which an owner is entitled to an exemption under this section.

A determination is a disallowable instrument.

In this section:

rented at a rate that is less than the current market rent; and

affordable by people on low or moderate incomes.