653R. Amount of residential zoned land tax

(1) The valuation date in relation to a relevant site shall, subject to sections 653AG and 653AH be—

(a) in respect of the year in which the residential zoned land tax first applies to a liable person in respect of the relevant site, the liability date, and

(b) for each successive 3-year period thereafter, 1 February in the year following the third year of the 3-year period.

(2) The amount of residential zoned land tax to be charged in respect of a relevant site shall be the amount represented by A in the formula—

A = B × C

where—

B is the market value of a relevant site on the valuation date, and

C is the rate of 3 per cent.