(1)  The amount of land tax payable for the financial year commencing on 1 July 1997 in respect of retirement village land used for residential purposes is calculated according to the apportioned assessed land value as determined under section 21D 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 retirement village 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 retirement village if the flat is a principal residence.

(4)  The amount of land tax payable for the financial year commencing on 1 July 1997 in respect of retirement village land which is not used for residential purposes is calculated in accordance with Schedule 1 .