Queensland Consolidated Acts Queensland Consolidated Acts(1) The averaged unimproved value, of land, for a financial year, is--
(a) if, in addition to the land having an unimproved value that applies for the financial year, the land had unimproved values that applied for each of the previous 2 financial years--the amount calculated as the average of the 3 unimproved values; or
(b) in any other case--an amount equal to the unimproved value of the land that applies for the financial year multiplied by the averaging factor for the financial year.
(2) In this section--
averaging factor, for a financial year, means the number calculated, to 2 decimal places, using the formula--
T
3V
where--
T means the total of the unimproved values, applicable for the financial year and the previous 2 financial years, for all land for which a valuation under the Valuation of Land Act 1944 was entered on a valuation roll under that Act at the 30 June immediately before each of the years, being the unimproved values of the land at those times;
V means the total of the unimproved values, applicable for the financial year, for all land for which a valuation under the Valuation of Land Act 1944 was entered on a valuation roll under that Act at the 30 June immediately before the year, being the unimproved values of the land at that time.