hi folks
is there any way to enquire with a LGA what their current land valuation is on a property? Currently considering a fire damaged property for a reno deal (have posted in value add forum), but wondering if there is a way to find what the council has determind the land value is. Saw a post on somersoft.com from someone who had purchased a post-fire property and negotiated hard to pay just the council listed land value.
Cheers,
EmmaHi Emma
The Agent should be able to obtain the info from the most recent Rates notice the property has! Hope this helps.
Cheers
PHIndeed. If you are in Victoria, the most recent council rates notice will be included in the "Section 32" which is a document the Real Estate Agent can provide you.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
property in WA, so section 32 doesn't apply…
but you guys got me thinking, the annual rates is usually a simple calculation of the council's set value for your property multiplied by a standard constant, right? so i could extrapolate that from the rates?
PH – how would a REA respond to being asked for the recent council valuation on the property? I imagine they would not be too forthcoming, given as its usually greatly undervalued compared to "market rate".
thanks for the comments
visited the LGA website:
Quote:Rates are calculated by multiplying the Gross Rental Value (GRV) by the rate in the dollar.The GRV is an estimate of the rent a property could earn in a year.
Effective from 1 July 2011, where a residential property is vacant, the GRV is calculated as 3% of the market value of the land.
when visiting the property i'll get the rates payable from the REA… though i still have to find out the LGA rate.
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