(1)  In a financial year beginning on 1 July 1998 or on 1 July in any subsequent year, the amount of land tax payable 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)  In a financial year beginning on 1 July 1998 or on 1 July in any subsequent year, the amount of land tax payable 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)  In a financial year beginning on 1 July 1998 or on 1 July in any subsequent year, the amount of land tax payable in respect of retirement village land which is not used for residential purposes is calculated in accordance with Schedule 1 .

(4)  In a financial year beginning on 1 July 1998 or on 1 July in any subsequent year, no land tax is payable in respect of the apportioned assessed land value of a flat in a retirement village if the flat is a principal residence.