Hi Megan,
I don’t adjust upon settlement, I just amend so the next rate levy will reflect the full land value. So basically the new owner gets the benefit for the remainder of the rating year. Not sure if that’s correct or not, but I don’t part year rate (ie for subdivisions, etc) so have taken the same philosophy on Section Allowances to try to be consistent (ie levy is whatever the LVs are at the time of 1 July).
