(1)  This section applies where, as a result of an objection under section 28 of the Valuation of Land Act 2001 , the valuation of any land in respect of which a land tax assessment has been made is lowered by the Valuer-General under section 30 of that Act.

(2)  If this section applies –

(a) the Commissioner is, as soon as practicable, to reassess the land tax payable in respect of the revalued land; and

(b) if the Commissioner determines from the reassessment that there has been an overpayment of land tax by the taxpayer, the Commissioner is to refund the amount of the overpayment, together with interest on that amount calculated at the market rate referred to in section 35(1)(a) on a daily basis from whichever of the following is the later date until the date of the refund:

(i) the date of payment of the amount overpaid;

(ii) the date on which the Commissioner made the land tax assessment referred to in subsection (1) .

(3)  In this section –

land tax assessment means an assessment pursuant to section 12(1) of the Land Tax Act 2000 ;

valuation means the valuation on a valuation roll within the meaning of the Valuation of Land Act 2001 .