(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titles scheme for the purpose of a charge, levy, rate or tax payable to a local government, the commissioner under the repealed Land Tax Act 1915 or other authority, the value of the scheme land is apportioned between the lots included in the scheme in proportion to the interest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.
1If 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.
2This 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 in scheme B, the figure of $400,000 must be apportioned between the lots included in scheme B according to the interest schedule lot entitlements of those lots as listed in scheme B’s interest schedule.