Land Valuation Act 2010

The amount of the offset for each year to which it applies is the 2011 unimproved-site value difference for the land, divided by 13, and multiplied by the following—

for the year to which the valuation effective on 30 June 2011 applies—12;

for the year to which the valuation effective on 30 June 2012 applies—11;

for the year to which the valuation effective on 30 June 2013 applies—10;

for the year to which the valuation effective on 30 June 2014 applies—9;

for the year to which the valuation effective on 30 June 2015 applies—8;

for the year to which the valuation effective on 30 June 2016 applies—7;

for the year to which the valuation effective on 30 June 2017 applies—6;

for the year to which the valuation effective on 30 June 2018 applies—5;

for the year to which the valuation effective on 30 June 2019 applies—4;

for the year to which the valuation effective on 30 June 2020 applies—3;

for the year to which the valuation effective on 30 June 2021 applies—2;

for the year to which the valuation effective on 30 June 2022 applies—1.

Example—

A owns particular non-rural land on the 2011 valuation-making day and continues to own it at all relevant times. Immediately before the 2011 valuation-making day, the land’s unimproved value was $600,000 and its site value on the 2011 valuation-making day is $9m.

The amount of the offset is as follows—