act
property taxation
as at 2003
ACT
- RATES AND LAND TAX ACT 1926
PART
2 UNIMPROVED VALUE
5
UNIMPROVED VALUE
(1)
For this Act, the unimproved value of a parcel of land held under a
lease from the Commonwealth is the capital sum that might be expected
to have been offered on the relevant date for the lease of the parcel
of land, it being
assumed—
(a)
that the only improvements on or to the parcel of land were the
improvements
(if any) by way of clearing, filling, grading, draining,
levelling
or excavating—
(i)
if the Territory or Commonwealth had, before that parcel of land
became rateable as a separate parcel, granted a development lease of
land that included that parcel of land—made by the lessee under
that lease or by the Territory or Commonwealth, or the cost of which
was borne by the lessee or by the Territory or Commonwealth; or
(ii)
in any other case—made by the Territory or Commonwealth or
the
cost of which was borne by the Territory or Commonwealth;
and
(b)
that the circumstances that existed on the prescribed date also
existed on the relevant date; and
(c)
that, on the relevant date, the lease had an unexpired term of 99
years; and
(d)
that the rent payable under the lease throughout the term of 99 years
beginning on the relevant date was a nominal rent.
(2)
The unimproved value of a parcel of land held in fee simple is the
capital sum that might be expected to have been offered for the fee
simple of the parcel of land at a bona fide sale on the relevant date
on the reasonable terms and conditions that a bona fide seller would
require, it being assumed that no improvements had been made on or to
the land.
(3)
In this section:
the
prescribed date, in relation to a parcel
of land, means—
(a)
for a determination of the unimproved value of a parcel of land—
(i)
17 December 1970; or
(ii)
the date the parcel of land became rateable;
whichever
is the later; or
(b)
for a redetermination of the unimproved value of a parcel of land
under section 8—the date the instrument of redetermination was made
under that section; or
- for a
redetermination of the unimproved value of a parcel of land under
section 10—the date of a notice under section 10 (1).
5A
UNIMPROVED VALUE OF LAND DEVELOPED BY PRIVATE SECTOR
For
the purposes of a determination or redetermination of the unimproved
value of a parcel of rateable land, (being a parcel of land on or to
which an improvement of a kind referred to in section 5 (1) (a) was
made by a lessee referred to in section 5 (1) (a) (i)), that
improvement shall, for this Act, be deemed to have been made only to
the extent that the Territory or Commonwealth normally makes
improvements of the same kind on or to a comparable parcel of land.
6
RATEABLE LANDS
All
land in the ACT, including Crown land, shall be rateable under this
Act, except—
(a)
commons, public parks and public reserves not held under lease or
licence; and
(b)
sites of cemeteries, public hospitals, benevolent institutions, and
buildings used exclusively for public charitable purposes; and
(c)
sites of churches and other buildings used exclusively for public
worship, and free public libraries; and
(d)
land leased from the Commonwealth that is occupied by, or used in
connection with, a school that is registered or provisionally
registered under the Education Act 1937, including a playground
belonging to, or used in connection with, such a school; and
(e)
Crown lands that are not leased and are unoccupied, other than land
that, immediately before becoming unoccupied, was occupied by a
lessee of the Territory or Commonwealth on a weekly or fortnightly
tenancy.
7
INITIAL VALUATION
If
a parcel of land becomes rateable on or after a relevant date and
before the next relevant date, the commissioner shall—
(a)
determine the unimproved value of the parcel of land as at the
firstmentioned relevant date; or
(b)
determine the unimproved value of the parcel of land as at the
relevant date last preceding the firstmentioned relevant date and
redetermine the unimproved value of that parcel as at the
firstmentioned relevant date;
as
the case requires.
8
AUTOMATIC REVALUATIONS
(1)
The commissioner shall, as soon as practicable after 1 January 1991,
redetermine
the unimproved value, as at that date, of all parcels of land in the
ACT that were rateable on that date.
(2)
The commissioner shall, as soon as practicable after 1 January in the
calendar
year next following the calendar year of the last valuation or
revaluation,
redetermine the unimproved value, as at that date, of all parcels of
land in the ACT that were rateable on that date.
3