27C   Assessment of annual rent

(1)  As soon as practicable after 1 April in each year, the Commissioner must cause an assessment to be made of the annual rent payable for each urban lease for the financial year commencing next 1 July.

(2)  In making such an assessment, the Commissioner is to have regard to the land value of each urban lease as at 1 April in that year.

(3)  The Commissioner must cause written notice of the assessment for each urban lease to be served on the holder of the lease as soon as practicable after the assessment is made.

(4)  For the purposes of section 36C, the due date for payment of the annual rent for an urban lease is 1 July of the financial year for which the rent is payable.