Queensland Consolidated Acts

LAND VALUATION ACT 2010 - SECT 275

275 Amount of offset

The amount of the offset for each year to which it applies is the 2011 unimproved-site value difference for the land, divided by 13, and multiplied by the following—

(a) for the year to which the valuation effective on 30 June 2011 applies—12;

(b) for the year to which the valuation effective on 30 June 2012 applies—11;

(c) for the year to which the valuation effective on 30 June 2013 applies—10;

(d) for the year to which the valuation effective on 30 June 2014 applies—9;

(e) for the year to which the valuation effective on 30 June 2015 applies—8;

(f) for the year to which the valuation effective on 30 June 2016 applies—7;

(g) for the year to which the valuation effective on 30 June 2017 applies—6;

(h) for the year to which the valuation effective on 30 June 2018 applies—5;

(i) for the year to which the valuation effective on 30 June 2019 applies—4;

(j) for the year to which the valuation effective on 30 June 2020 applies—3;

(k) for the year to which the valuation effective on 30 June 2021 applies—2;

(l) for the year to which the valuation effective on 30 June 2022 applies—1.

Example—

A owns particular non-rural land on the 2011 valuation-making day and continues to own it at all relevant times. Immediately before the 2011 valuation-making day, the land’s unimproved value was $600,000 and its site value on the 2011 valuation-making day is $9m.
The amount of the offset is as follows—

	Date of effect of annual valuation	Calculation	Amount of offset
	30 June 2011		$7,753,846.15
	30 June 2012		$7,107,692.31
	30 June 2013		$6,461,538.46
	30 June 2014		$5,815,384.62
	30 June 2015		$5,169,230.77
	30 June 2016		$4,523,076.92
	30 June 2017		$3,876,923.08
	30 June 2018		$3,230,769.23
	30 June 2019		$2,584,615.38
	30 June 2020		$1,938,461.54
	30 June 2021		$1,292,307.69
	30 June 2022		$646,153.85
	30 June 2023	nil	no offset