After Part 2 insert:
Part 2A—Remission of levy for eligible residential parks
8A—Remission of levy
The levy for the relevant financial year in respect of land constituting an eligible residential park is remitted for the benefit of all persons who are liable to pay the levy in respect of that land to the extent set out in regulation 8B
.
8B—Amount of remission
The amount of the remission under regulation 8A
is determined in accordance with the following formula:
Where—
"A" is the amount of the remission
"L 1 " is the amount of the component of the levy that is based on the value of the land
"PR" is the prescribed rate
"RF" is the remissions factor being—
(a) if the land is residential land—0.000260; or
(b) if the land is commercial land—0.000964; or
(c) if the land is rural land situated in Regional area 1, Regional area 2 or Regional area 3—0.000095; or
(d) if the land is rural land situated in Regional area 4—0.000260.