Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies if a land rent lease is transferred.
(2) Subject to section 11 (Discount—eligibility), section 29 (Land rent—part of year) and section 30 (Land rent—discount for part of year), the land rent payable for the land rent lease transferred is the standard percentage of the unimproved value of the parcel of land under the lease.
Note 1 A transferee may apply to the planning and land authority for a variation of the lease to reduce the land rent payable to a nominal rent (see Planning and Development Act 2007 , s 272A (Application for rent payout lease variation)).
Note 2 Standard percentage is defined in the dictionary.
(3) In this section:
"unimproved value", of a parcel of land under a transferred land rent lease, means the unimproved value—
(a) for a land rent lease transferred in the year the lease is first granted—determined under the Rates Act 2004 , section 9 (First determination of unimproved value) for the year; and
(b) for a land rent lease
transferred in a year after the year the lease is first
granted—determined under the Rates Act 2004 , section 10 (1)
(Annual redeterminations) for the year.