(1) For calculating the value of a lot included in a community titles scheme
for the purpose of a charge, levy, rate or tax payable to a local government,
the commissioner under the repealed Land Tax Act 1915or other authority, the
value of the scheme land is apportioned between the lots included in the
scheme in proportion to the interest schedule lot entitlement for each lot.
(2) Subject to section 198, the body corporate is not liable
for a charge, levy, rate or tax on the common property based on the value of
land.
Examples of operation of this section—
1 If the value of the
scheme land for a basic scheme that includes 3 lots, each with the same
interest schedule lot entitlement, is $120,000, the value for each lot is
$40,000. Effectively, each lot’s value includes a component for the value of
the common property.
2 This example applies to a community titles scheme (
"scheme A" ) that is not a basic scheme but includes 2 lots (and
common property), with each lot being a basic scheme (
"scheme B" and
"scheme C" ), each having the same interest schedule lot entitlement listed
for it in scheme A’s interest schedule. If the value of the scheme land for
scheme A is $800,000, the value for scheme B’s scheme land is $400,000. To
calculate the value of each lot included inscheme B, the figure of $400,000
must be apportioned between the lots included inscheme B according to the
interest schedule lot entitlements of those lots as listed in scheme B’s
interest schedule.