When you read this part of the law, some words have special meanings. The term 'current year' refers to the year when a rates replacement proposal is agreed on. You can think of it as the financial year that is happening now.
The term 'relevant year' has a different meaning, it is the year when the rates that are being replaced were originally set. This helps you understand which year the law is talking about when it mentions rates. You need to know what these words mean to understand the law.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM133166.
In this subpart, unless the context otherwise requires,—
current year means the financial year in which a rates replacement proposal is adopted
relevant year means the financial year in which the rates that are replaced under a rates replacement proposal were set.
