Power of the Authority to levy betterment charges

General200564 sections

Statutory text

(1) Where, in the opinion of the Authority, as a consequence of any development having been executed by the Authority in any development area, the value of any property in that area, which has been benefited by the development, has increased or will increase, the Authority shall be entitled to levy upon the owner of the property or any person having an interest therein a betterment charge in respect of the increase in value of the property resulting from the execution of the development.
(2) Such betterment charge shall be an amount equal to one-third of the amount by which the value of the property on the completion of the execution of the development exceeds the value of the property prior to such execution:

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