Fixed component of levy
16 Fixed component of levy
The fixed component of the levy is the base rate for the property sector that the land is within.
The base rate is as follows—
$100 for public benefit land,
$100 for residential land,
$200 for farmland,
$200 for industrial land,
$200 for commercial land.
The regulations may prescribe a different base rate for any property sector. If they do, the base rate for that property sector is the prescribed rate.
The regulations may provide for adjustments to the base rate for any property sector to account for movements in the consumer price index. If they do, the fixed component of the levy is the adjusted base rate (as provided for by the regulations) for the property sector that the land is within for the financial year for which the levy is charged.
This provision refers to the regulations (The regulations may prescribe
, prescribed rate
, The regulations may provide
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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