(1)  Land tax is not payable in respect of land that contains a flood prevention structure, where the land is held or owned by a local authority or other local governing body or statutory public body (other than an applicable authority as defined in section 39A of the Local Government Act 1993 ).

(2)  However, for the purposes of subsection (1) , if any part of land is not used for the purposes of a flood prevention structure, the Commissioner is to apportion the land value of the land between exempt land and general land, for which purpose –

(a) the apportioned assessed land value in respect of exempt land is to be determined by multiplying the assessed land value of the land by the proportion of the land on which the flood prevention structure is situated; and

(b) the apportioned assessed land value in respect of general land is to be the assessed land value of the land less the apportioned assessed land value in respect of exempt land calculated under paragraph (a) .

(3)  In this section –

flood prevention structure means any of the following things:

(a) a flood levee, a stormwater basin or a subterranean stormwater drain, whether the levee, basin or drain is a naturally occurring phenomenon or a man-made structure;

(b) an improvement of any type that is designed and used to regulate water levels for the purposes of flood protection;

(c) a naturally occurring ridge or wall that regulates water levels –

but does not include such a thing if an unrelated capital improvement is situated on, above or below the thing;

unrelated capital improvement means a capital improvement that is not –

(a) a capital improvement related to providing protection against floods; or

(b) a pipeline, drain, cable or wire.