Assessment of annual rent
54 Assessment of annual rent
As soon as practicable after 1 April in each year, the Minister must cause an assessment to be made of the annual rent payable for each urban Western lands lease for the financial year commencing the next 1 July.
In making such an assessment, the Minister is to have regard to the land value of each urban Western lands lease as at 1 April in that year.
The Minister must cause written notice of the assessment for each urban Western lands lease to be served on the holder of the lease as soon as practicable after the assessment is made.
The due date for payment of the annual rent for an urban Western lands lease is 1 July of the financial year for which the rent is payable.
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