The Valuer-General issued Valuation Notices yesterday to landowners across the state. The valuations are used by:
- local governments as a basis for levying rates;
- the Office of State Revenue as a basis for levying land tax where appropriate on freehold land; and
- DERM for calculating State land lease rent.
Landowners have until 4 July 2011 to
lodge an objection to the valuation.
These are the first valuations for non-rural land to be assessed on
site value rather than unimproved value and this year is the only
time that landowners can claim either:
1. an offset for increases over $1,000,000; or
2. deductions for site improvements made in the last 12
years.
These must be claimed by way of an objection to the
valuation.
Landowners can also object to a valuation on the basis that it is
excessive by reference to:
- comparative sales data;
- the physical features of the property;
- the legal features of the property including zoning or market-based constraints; or
- any other valuation based grounds.
It is recommended that landowners who wish to object to their
land valuation or to claim an offset or deduction commence the
process as early as possible because no objections can be lodged
after 4 July 2011 and the new forms and rules regarding supporting
evidence which now apply mean that as much time as possible is
required for landowners to compile relevant documents, obtain any
valuer's opinion and complete the relevant forms.
If you have any questions, or would like assistance preparing your
objection, please contact Serena Vale.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
