New South Wales Consolidated Acts

LAND TAX MANAGEMENT ACT 1956 - SECT 62R

62R Percentage change in land values

(1) Each calendar year the Valuer-General must calculate the percentage change in land values by--

(a) calculating the percentage change in the total value of all relevant parcels in the State between--

(i) 1 July in the previous calendar year, and

(ii) 1 July in the calendar year in which the calculation is being made, and

(b) rounding the result to 3 decimal places, with an amount of 0.0005% being rounded up.

(2) In this section--

"relevant parcel" means land--

(a) zoned under an environmental planning instrument principally for one or more of the following--

(i) residential purposes,

(ii) commercial purposes,

(iii) industrial purposes,

(iv) a purpose prescribed by the regulations, and

(b) for which there is a land value in the Register for--

(i) 1 July in the previous calendar year, and

(ii) 1 July in the calendar year in which the calculation is being made, and

(c) that meets the requirements, if any, specified by the regulations.