(1)  Land tax is not payable in respect of land on which a dwelling is located, during the exemption period for the land, if –

(a) the land is general land; and

(b) each dwelling on the land is a new dwelling; and

(c) the first occupancy permit issued in respect of the initial dwelling on the land is issued within the period commencing on 8 February 2018 and ending on 30 June 2024; and

(d) at the commencement of the exemption period for the land –

(i) at least one dwelling on the land is the subject of a relevant residential tenancy agreement; and

(ii) the owner of the land intends that each dwelling on the land is to be the subject of a relevant residential tenancy agreement; and

(e) the owner of the land has applied to the Commissioner, in a form approved by the Commissioner, for land tax to not be payable in respect of the land during the exemption period for the land; and

(f) the Commissioner has approved the application referred to in paragraph (e) in respect of the land.

(2)  An exemption under subsection (1) in respect of land ceases to have effect –

(a) if, during a financial year that forms part of the exemption period for the land –

(i) a dwelling on the land is sold; or

(ii) the land ceases to be general land; or

(iii) a dwelling that has been the subject of a relevant residential tenancy agreement is no longer subject to such an agreement for a cumulative period of more than 6 weeks in that financial year; or

(iv) a dwelling on the land is used for any purpose other than being the subject of a relevant residential tenancy agreement; or

(b) on the expiry of the exemption period for the land.

(3)  If an exemption ceases to have effect under subsection (2) in respect of land –

(a) the exemption lapses in respect of the land and cannot be revived or renewed; and

(b) if the exemption ceases to have effect under subsection (2)(a)  –

(i) land tax is payable, in respect of the land, for the entire financial year in which the exemption ceases to have effect; and

(ii) land tax is not payable in respect of the land for any financial year of the exemption period for the land that ends before the financial year in which the exemption ceases to have effect.

(4)  In this section –

exemption period , for land, means the 3 consecutive financial years after the financial year in which the first occupancy permit is issued in respect of a dwelling on the land;

new dwelling means a home, within the meaning of the First Home Owner Grant Act 2000 , that has not previously been occupied or sold as a place of residence;

occupancy permit has the same meaning as in the Building Act 2016 ;

relevant residential tenancy agreement , in relation to a dwelling, means a written residential tenancy agreement, within the meaning of the Residential Tenancy Act 1997 , for a fixed period of at least 12 months, that applies to the dwelling as a whole.