How does the Municipal Property Rates Act treat newly rateable property?

The Act requires that the rating of newly rateable property be phased in over a period of three or four financial years depending on the use and ownership of property.

Newly rateable property is any rateable property on which property rates were not levied before the end of the financial year preceding the date on which this Act took effect, excluding property that was incorrectly omitted from a valuation roll and for that reason was not rated before that date.