Minimum and maximum rates
132 Minimum and maximum rates
The Minister may determine a flat rate, or an ad valorem rate, chargeable on land.
A flat rate must not exceed the prescribed amount.
The rates amount payable in relation to a financial year when calculated by applying the ad valorem rate to the amount equal to the unimproved value of the land must not exceed —
in the case of land held under a pastoral lease, an amount equal to 10% of the unimproved value of the land according to the valuation in force under the Valuation of Land Act 1978 at midnight on 30 June in the previous financial year; and
in any other case, an amount equal to 2% of the unimproved value of the land according to the valuation in force under the Valuation of Land Act 1978 at midnight on 30 June in the previous financial year.
The Minister may determine the minimum rates amount payable and the maximum rates amount payable, irrespective of the amount payable when calculated by applying the ad valorem rate.
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