LAND TAX MANAGEMENT ACT 1956 - SECT 62L How unutilised value allowance is ascertained

LAND TAX MANAGEMENT ACT 1956 - SECT 62L

62L How unutilised value allowance is ascertained

(1) The unutilised value allowance for a land value is the amount calculated by deducting from the land value of the land the value that the land would have if it could be used only as the site of a single dwelling-house.

(2) However, no account is to be taken of any portion of the land which is in excess of that which is reasonably necessary to be occupied or used in conjunction with the single dwelling-house.