Queensland Consolidated Acts

LAND TAX ACT 2010 - SECT 18

18 Averaged value

(1) The
"averaged value" , of land for a financial year, is—

(a) if there are Land Valuation Act values of the land for the financial year and the previous 2 financial years—the amount that is the average of those 3 values; or

(b) otherwise—the amount equal to the Land Valuation Act value of the land for the financial year multiplied by the averaging factor for the year.

(2) For subsection (1) , the
"averaging factor" for a financial year is the number calculated to 2 decimal places using the following formula—

where—

"T" means the total of the Land Valuation Act values, for the financial year and the previous 2 financial years, of all land for which there is or was a Land Valuation Act value for that year.

"V" means the total of the Land Valuation Act values of all land for which there is a Land Valuation Act value for the financial year.