Omit “on $800,000 of those profits” from section 14 (2) (a).
Insert instead “on so much of those profits as exceeds $200,000”.
Insert after section 16:The validity of a land tax assessment for a land tax year (within the meaning of the Land Tax Management Act 1956) is not affected by an objection or appeal under the Valuation of Land Act 1916 in relation to a land tax assessment for a subsequent land tax year, even if the objection or appeal results in a change to a land valuation on which the earlier land tax assessment was partly based.Note. Under the Land Tax Management Act 1956 land tax assessments are based on an average value of land, being an average of the land value of the land in respect of the most recent 3 land tax years. This section prevents an objection to a land tax assessment from affecting the validity of previous land tax assessments that were based on one or 2 of the same land values.
Insert after section 35A:(1) In the case of a valuation for the purposes of the Land Tax Management Act 1956, a person is not entitled to object to any valuation used as the basis of a land tax assessment if the valuation has previously been the subject of an objection, except with the permission of the Valuer-General.(2) The Valuer-General is to permit the objection only if satisfied that there are special reasons for allowing the objection to be made.(3) The fact that the person seeking to make the objection was not an owner, occupier or lessee of the land at the time that the earlier objection was made does not of itself constitute a special reason for allowing the person to make an objection.(4) This section applies whether or not the person seeking to make the objection lodges the objection within 60 days after service of the relevant land tax assessment.(5) If the Valuer-General refuses permission to make an objection under this section, the Valuer-General must give the person seeking to make the objection notice of the Valuer-General’s decision.(6) A refusal to grant permission to make the objection does not give rise to a right of appeal under section 37.
Insert “that has been duly made” after “consider an objection” in section 35B (1).