Annual value reduction for new residential buildings extends relief periods and caps assessable value for owner-occupied houses. Amendment provides temporary reductions to the annual value of newly erected residential buildings-three years for buildings completed before April 1970 and five years for those completed after-by aggregating per-unit reductions subject to ceilings and preventing any unit's assessed income from being a loss. For owner-occupied houses, annual value for one or two houses is determined as if let, then reduced by half or a prescribed maximum, with any excess over ten percent of the owner's non-property income disregarded; explanations exclude owner-occupied new units from the new-unit reduction and treat additional houses under standard rules.
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Annual value reduction for new residential buildings extends relief periods and caps assessable value for owner-occupied houses.
Amendment provides temporary reductions to the annual value of newly erected residential buildings-three years for buildings completed before April 1970 and five years for those completed after-by aggregating per-unit reductions subject to ceilings and preventing any unit's assessed income from being a loss. For owner-occupied houses, annual value for one or two houses is determined as if let, then reduced by half or a prescribed maximum, with any excess over ten percent of the owner's non-property income disregarded; explanations exclude owner-occupied new units from the new-unit reduction and treat additional houses under standard rules.
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