New South Wales Consolidated Acts

LAND TAX MANAGEMENT ACT 1956 - SECT 62K

62K Unutilised value allowance to be ascertained on application of owner

(1) The owner of land may apply to the Chief Commissioner for an unutilised value allowance to be ascertained for the land value of the land. The application must be in the form required by the Chief Commissioner and be accompanied by such supporting information as the Chief Commissioner may request.

(1A) If satisfied that the land to which such an application relates satisfies the description in any of the paragraphs of section 62J (1), the Chief Commissioner must refer the application to the Valuer-General for determination of an unutilised value allowance.

(2) The Valuer-General must then ascertain the allowance if the land is eligible to have that allowance ascertained.

(3) An allowance ascertained by the Valuer-General under this Division is to be entered by the Valuer-General in the Register in respect of the land value to which it relates and is to be shown in any assessment to which it is applicable.