Australian Capital Territory Numbered Acts

RATES AMENDMENT ACT 2020 (NO. 8 OF 2020) - SECT 9

insert

11B     Redetermination—chargeable variation of nominal rent lease

    (1)     This section applies if—

        (a)     the planning and land authority executes a chargeable variation of a nominal rent lease in relation to a parcel of land; and

        (b)     the variation affects the unimproved value of the parcel of land.

    (2)     The commissioner must redetermine the unimproved value of the parcel as soon as practicable after the planning and land authority executes the variation.

    (3)     A redetermination under subsection (2) applies to the parcel for the period—

        (a)     beginning on the day the planning and land authority executes the variation; and

        (b)     ending on 30 June in the next calendar year.

    (4)     In this section:

"chargeable variation", of a nominal rent lease—see the Planning and Development Act 2007

, section 276.