(1)  The amount of land tax payable for the financial year commencing on 1 July 1997 in respect of home unit company land is calculated according to the apportioned assessed land value as determined under section 21B of the Principal Act of each flat constructed on that land.

(2)  The amount of land tax payable for the financial year commencing on 1 July 1997 in respect of the apportioned assessed land value of a flat in a home unit company is calculated in accordance with Schedule 1 if the flat is not a principal residence.

(3)  Land tax is not payable for the financial year commencing on 1 July 1997 in respect of the apportioned assessed land value of a flat in a home unit company if the flat is a principal residence.