Division 3 of Part 2 of the Principal Act is repealed and the following Division is substituted:

Division 3 - Establishing assessed market value

11.     Valuer-General to determine and review assessed market value

(1)  The Valuer-General is to determine the assessed market value, as at 1 July 2003, of a perpetual taxi licence in each taxi area, excluding any goodwill associated with membership of a radio room.

(2)  As at 1 July in every third year after 1 July 2003, the Valuer-General is to –

(a) review the assessed market value in each taxi area; and

(b) adjust each assessed market value in accordance with that review.

(3)  The assessed market value in each taxi area is to be set out in the regulations.