Community Titles Act 2018

In determining under the Valuation of Land Act 1978 for rating and taxing Acts the unimproved value of land subdivided by a community titles (land) scheme, the Valuer‑General must carry out a separate valuation of each lot as a separate parcel of land owned by the owner of the lot.

However, if a tier 1 or tier 2 community titles (land) scheme includes a tier parcel that is subdivided by a community titles (building) scheme, the valuation of lots in that community titles (building) scheme for rating and taxing Acts is to be governed by subsection (3).

In determining under the Valuation of Land Act 1978 for rating and taxing Acts the unimproved value of land subdivided by a community titles (building) scheme —

the Valuer‑General must value the tier parcel of the community titles (building) scheme as if it were a separate parcel of land owned by the community corporation; and

the value of tier parcels and lots is to be determined as follows —

if the scheme is a tier 1 scheme —

for the tier 1 parcel — as the unimproved value determined by the Valuer‑General under paragraph (a);

for a tier 2 parcel or tier 1 lot — by multiplying the unimproved value of the tier 1 parcel by the relative unit entitlement of the tier 2 parcel or tier 1 lot;

for a tier 3 parcel or tier 2 lot — by multiplying the value, determined under item (II), of the tier 2 parcel to which the tier 3 parcel or tier 2 lot belongs by the relative unit entitlement of the tier 3 parcel or tier 2 lot;

for a tier 3 lot — by multiplying the value, determined under item (III), of the tier 3 parcel to which the tier 3 lot belongs by the relative unit entitlement of the tier 3 lot;

if the scheme is a tier 2 scheme —

for the tier 2 parcel — as the unimproved value determined by the Valuer‑General under paragraph (a);

for a tier 3 parcel or tier 2 lot — by multiplying the unimproved value of the tier 2 parcel to which the tier 3 parcel or tier 2 lot belongs by the relative unit entitlement of the tier 3 parcel or tier 2 lot;

for a tier 3 lot — by multiplying the value, determined under item (II), of the tier 3 parcel to which the tier 3 lot belongs by the relative unit entitlement of the tier 3 lot;

if the scheme is a tier 3 scheme —

for the tier 3 parcel — as the unimproved value determined by the Valuer General under paragraph (a);

for a tier 3 lot — by multiplying the unimproved value of the tier 3 parcel by the relative unit entitlement of the tier 3 lot.

In determining under the Valuation of Land Act 1978 for rating and taxing Acts the gross rental value of land subdivided by a community scheme, the Valuer‑General —

may determine a valuation of a number of lots together as if they were 1 lot if the lots are lots in a community titles (building) scheme owned by the same person and occupied by the same person; but

must otherwise carry out a separate valuation of each lot.

In determining under the Valuation of Land Act 1978 for rating and taxing Acts the value of land subdivided by a community scheme, the Valuer‑General must take into account benefits and disadvantages applicable to a lot as part of a community scheme.

Until a valuation is first carried out after a lot is created by subdivision of land by a community titles scheme, the valuation of the lot for rating and taxing purposes is to be calculated by multiplying the most recent valuation of the parcel or lot subdivided by the community titles scheme to which the lot belongs by the relative unit entitlement of the lot.