This Act may be cited as the Mataura Borough Valuation of Farm Lands for Rating Purposes Act, 1925.

In this Act—

Where land in the borough of an area of not less than three acres is occupied solely for farming purposes, and is, in the opinion of the Council, not fit for subdivision for building purposes or not likely to be required within any reasonable period for building purposes, and the Council passes a resolution to that effect, the Valuer-General shall (if he agrees with the decision of the Council that the land is not fit for subdivision or not likely to be required within any reasonable period for building purposes as aforesaid) make reduction in the assessment of the capital value and of the unimproved value of such land and of the several interests therein to the extent by which in his opinion such value is reduced by reason of the purposes to which such land is applied.

Such valuation when made shall be the valuation on which all borough rates shall be based, but shall not be valid or effectual for any other purpose.

If at any time the Council is of opinion that any such valuation should be rescinded, the Council may, with the previous approval in writing of the Valuer-General, rescind any such resolution, and the land affected by the rescinded resolution shall be forthwith revalued by the Valuer-General under the provisions of the Valuation of Land Act, 1908.