Land Valuation Act 2010

This section applies for deciding the value of land in a mining lease’s area.

If all of the lease’s area is surface area, the value is the lesser of the following—

the value of the surface area;

20 times the yearly rent payable for the lease.

If only part of the lease’s area is surface area (the surface area part), the value is the lesser of the following—

the total of—

the value of the surface area part; and

30% of the value of the surface area situated directly above the part that does not include surface area;

the total of—

20 times the yearly rent payable for the surface area part; and

6 times the yearly rent payable for the rest of the lease’s area.

If the lease’s area does not include any surface area, the value is the lesser of the following—

30% of the value of the surface area situated directly above the lease;

6 times the yearly rent payable for the lease.

If, under an Act, part of the land is then valued as a separate parcel because of the parcel’s use—

the separate parcel’s value is the value it would have had other than for subsections (2) to (4); and

the value of the rest of the land (the residue) is the amount that bears, relative to the value of all of the land (the total area), the same proportion that the residue bears to the total area.

For this section, the yearly rent for a part of the lease’s area is the amount that bears, relative to the lease’s total yearly rent, the same proportion that the part’s area bears to the lease’s total area.

In this section—

yearly rent for the lease, means the yearly rent that would have been payable under the Mineral Resources Act 1989 if the lease had been granted on the valuation day.