Rates Notice valuation

Viewing 7 posts - 1 through 7 (of 7 total)

karlm63
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@karlm63
Join Date: 2005
Post Count: 68
February 13, 2011 - 10:03 am
Hi,
Just a quick question,
I bought the magazine your investment property today Feb 2011 issue.
There is a story which caught my eye which is titled THE TRUTH ABOUT RENOVATING FOR PROFIT and half way through the story the person says he put in an offer of $250,000 which was accepted then in brackets he says the (rates notice valuation).
My question is what is a rates notice val and is that a true reading of the property value or is that just the land value?
Thanks
number 8
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@number-8
Join Date: 2010
Post Count: 333
February 16, 2011 - 12:33 am
Yes that is the land value, not taking into consideration any improvements on the land.
http://www.birchcorp.com.au
Scott No Mates
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@scott-no-mates
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Post Count: 3,856
February 16, 2011 - 1:59 am
The rates notice valuation (in NSW) bears very little relevance to the price that you might purchase the property. It is used solely to determine how much you will pay for council rates & services.
It does not take into consideration the house or other improvements on the land which may exist.
bm17
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@bm17
Join Date: 2010
Post Count: 47
February 16, 2011 - 2:55 am
Scott No Mates wrote:
The rates notice valuation (in NSW) bears very little relevance to the price that you might purchase the property. It is used solely to determine how much you will pay for council rates & services.
It does not take into consideration the house or other improvements on the land which may exist.
This is the same in Victoria
Jamie Moore
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@jamie-m
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Post Count: 5,069
February 16, 2011 - 8:59 pm
Ditto in the ACT.
Jamie Moore | Pass Go Home Loans Pty Ltd
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karlm63
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@karlm63
Join Date: 2005
Post Count: 68
February 17, 2011 - 7:19 am
Hi All,
So if the rates notice is the value for the land how can they purchase the house for that price ?
Thanks karlm
Scott No Mates
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@scott-no-mates
Join Date: 2005
Post Count: 3,856
February 17, 2011 - 7:54 am
blairmason17 wrote:
This is the same in Victoria
I’ll beg to differ here, in Victoria rates can be & are charged on each part of a block/tenancy even if no subdivision exists. Hence you might get 2 or more notices for the one block.