Queensland Consolidated Regulations

LOCAL GOVERNMENT REGULATION 2012 - REG 75

75 Working out the 2-year averaged value

(1) The
"2-year averaged value" of land for a financial year is the amount that equals—

(a) if the land had a value for the previous financial year—

• the value of the land for the previous financial year

• plus the value of the land for the financial year

• divided by 2; or

(b) if the land did not have a value for the previous financial year—

• the value of the land for the financial year

• multiplied by the 2-year averaging number.

(2) The
"2-year averaging number" , for a financial year, is the number calculated to 2 decimal places by using the formula—

where—

"T" is the total of the values of all rateable land in the local government’s area for the financial year and the previous financial year.

"V" is the value of all rateable land in the local government’s area for the financial year.