If the unencumbered value of land holdings in Victoria of a landholder exceeds $1 000 000 but does not exceed $2 000 000, the duty chargeable under this Part is to be calculated in accordance with the following formula—
where—
A is the unencumbered value of the land holdings in Victoria of the landholder at the time the relevant acquisition was made; and
B is the duty that, apart from this section, would be chargeable under this Part.
S. 89A substituted by No. 38/2012 s. 5.