Adjustment factors
50A Adjustment factors
For the purposes of this Act, an adjustment factor is a factor by which, on a determination made by the Valuer-General, a valuation in force under this Act in respect of a valuation district is to be multiplied so that the value of the relevant land accords with the values generally prevailing on the last preceding 1 October.
An adjustment factor may be determined in respect of the land value, capital value or assessed annual value of land and may be applied to – the whole of the land in a valuation district; or any other class or description of land, as determined by the Valuer-General, in a valuation district – and is to be applied to all land in respect of which the Valuer-General is required to make a valuation under this Act.
An adjustment factor has effect until it is replaced by another adjustment factor or a fresh valuation.
The Valuer-General is to provide a rating authority, annually or every 2 years, as the Valuer-General considers expedient, with an adjustment factor or adjustment factors in respect of its valuation district.
The Valuer-General is to provide the Commissioner of State Revenue annually with an adjustment factor or adjustment factors in respect of the land value of land in all valuation districts.
The Valuer-General is not required to provide an adjustment factor or adjustment factors in respect of a valuation district if a new fresh valuation is to come into force for the next financial year in respect of that valuation district.
The Valuer-General is to – forward a copy of the determination to any relevant rating authority and to the Commissioner of State Revenue before 1 March in each year or such other date as may be agreed with the rating authority or the Commissioner; and within 14 days after making the determination, cause a copy of the determination to be published in the Gazette, on the World Wide Web and in such other manner as the Valuer-General thinks fit.
A failure to comply with the requirements of subsection (7) does not invalidate the determination.
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