Ad valorem component of levy

Current

(1)

The ad valorem component of the levy is calculated by applying the relevant ad valorem rate to the land value of the parcel of land on which the levy is charged.

(2)

The relevant ad valorem rate is the published ad valorem rate for the property sector that the land is within for the financial year for which the levy is charged.

(3)

The local council that charges the levy is to calculate the ad valorem component of the levy.

This Act’s bill:Explanatory memorandum Second reading speech

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17 Ad valorem component of levy