Land Valuation Act 2010

An annual valuation takes effect from the next 30 June after its making.

An annual valuation continues in effect until the next annual valuation of the land takes effect.

However, the effect of an annual valuation is subject to—

any maintenance valuation for the annual valuation; and

an objection decision affecting the valuation; and

an amendment of the valuation because of a valuation appeal or further appeal, or an appeal response amendment.

Subsection (5) applies if—

the value of land is changed by the loss, under a water entitlement notice, of a water licence the value of which formed part of the land’s value; and

the loss happened during the period of 1 year before an annual valuation of the land would otherwise have had effect under subsection (1).

The effect of the loss is not to be reflected in the valuation of the land until the next 30 June after the annual valuation became effective under subsection (1).