Value of landholdings
From 1 December 2009
From 1 December 2009 if a land holding consists of an estate in fee simple in land, the value of the land (as determined under the Valuation of Land Act 1916), rather than the unencumbered value of the land, is used to determine whether the $2,000,000 threshold is met. (However, once a liability arises, duty will still be calculated with reference to the unencumbered value of the land holdings in NSW).
For a land holding that consists of an estate in fee simple in land (other than a strata lot), the value of the land holding is the registered land value of the land as at 1 July in the previous year.
For a land holding that consists of a proportionate interest in an estate in fee simple in land (other than a strata lot), the value of the land holding is the amount determined by applying that proportion to the registered land value of the land as at 1 July in the previous year.
For a land holding that consists of an estate in fee simple in a strata lot, the value of the land holding is an amount that bears to the registered land value of the relevant parcel (as at 1 July in the previous year) the same proportion as the unit entitlement of the lot bears to the aggregate unit entitlement.
For a land holding that consists of a proportionate interest in an estate in fee simple in a strata lot, the value of the land holding is the amount determined by applying that proportion to the amount determined above.
The proportionate interests of joint tenants in an estate in fee simple are to be determined as if they were tenants in common in equal shares.
For any land holding for which a value cannot be obtained under the above provisions, the value of the land holding is the unencumbered value of the land holding, determined in the same way as it is for dutiable property under Chapter 2 of the Duties Act 1997.
For the purposes of this provision, the registered land value of land (including a parcel) is the land value of the land as entered in the Register of Land Values kept by the Valuer-General under section 14CC of the Valuation of Land Act 1916.
For the purposes of this provision, a strata lot means a lot under the Strata Schemes (Freehold Development) Act 1973, and expressions used in this section in relation to such a lot have the same meanings as they do in that Act.
