Has anyone had any luck convincing the dept of Natural resources & mines that their recent valuations are incorrect? A handful of my properties in the Brisbane area have increased by over 70% in the last year. Considering the market has not moved much this year, how is this possible? My land tax bill is a joke. Is anyone else as frustrated as I am?
You would need to establish when the previous valuation was undertaken. This should be on your previous notices. I would suspect that it was not last year though…
Hi Gav77,
I think the problem you are encountering is a universal problem around Australia at the moment given the recent boom in prices.
Try as you might, Governments are taxing property as if an unrealised gain (i.e. increase in paper value) translates to a real increase in wealth.
The reality is that this is not the case. For example, while property values have increased rents have not. This means that many investors have large capital gains but poor income returns, such that higher land tax / courcil rates simply eat into their income rather than unrealised wealth.
I’d encourage you to find out on what basis the value has been determined and then to contact the appropriate department and ask about the objection process. While it may be very frustrating, it can’t hurt to know more about the way it all works.
Regards,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Steve
Great to hear from you.
I have already been in touch with the Dept Natural resources & Mines to discuss. Basically I can submit an official objection which they will review, however I tried this last year when our valuation had increased 40% from the previous year. I accompanied the claim with supporting documentation, however they politely advised that the valuation would remain.
I will go through the same process again for these new valuations, however it seems we (property owners) really don’t have any influence on the result. I still struggle to understand how they derive a 75% increase from 2004 to 2005 with a flat market??
It would be great to rally some support against the government on some of these issues, as I’m sure I’m not alone.Thanks Steve, you truely are an inspiration, keep up the great work.
GI am in Brisbane also and have objected several times over more than 20 years. My parents have a number of IPs in Brisbane also and have objected many more times than I have (with supporting arguments etc.) On a couple of occasions the valuations have been reduced by a token amount. My parents still object as a matter of principal (they pay a HUGE land tax bill).
I don’t bother anymore. I grit my teeth and pay it and think of the profits I have made (though you can’t buy groceries with paper profits!).
I own an IP on 1,000 sq m. I also own the vacant block next door which is 1300 sq m. Can anyone explain how the council has come up with identical land valuations for both blocks or, as the old saying goes, does size really not matter?
H
HI GAV,
I HEAR YOU…FRUSTRATING AS ALL HELL. I DON’T HAVE ANY ANSWERS AT THE MOMENT. BUT BELOW IS A COPY OF MY POST 21/03/05. (TO WHICH THERE WERE NO REPLYS). IF THERE WAS AN AVENUE WE COULD TAKE. WHERE WE CAN MAKE SOME NOISE ABOUT THIS, REGARDLESS OF WHICH STATE IN AUSTRALIA YOU LIVE IN, IT WOULD BE BENIFICIAL FOR ALL PROP. INVESTORS. ALL GOVERNING BODIES NEED TO KNOW THAT WE ARE NOT TRYING TO AVIOD PAYING LAND TAX, JUST DEMANDING A FAIRER WAY TO VALUATE THE PERCEIVED “POTENTIAL” OF OUR LAND ON PAPER.
CHEERS, HUTCH.***FAIRIER LAND TAX- PROTEST WEBSITE?***
hi all,
i heard in several media outlets, that there is a wesbite put together by the Fairer Land Tax association(?) and they are looking for people to log on and express their protest at the current Land Tax rates of scaling in VICTORIA.The more expressions of protest they get the better, as they plan to take it to Bracksy and shake the tree. I have goggeled and yahooed for it but just cant find it. does anyone have the website link?? or does it it exist??
Hi Hutch
I’m with you, there needs to be a fairer way. Why tell us we can lodge an objection when we already know the answer. This is also another way the councils can put up their rates, maybe not this year, but I’m sure that’s next.
Isn’t there some sort of property committee that adresses these sort of issues on behalf of investors?
Anyone else have any answers?For the ACT, there is the Property Owner’s Association. You can e-mail them at [email protected] to join their mailing list and add any comments you like to the current discussion. I’m sure there are similar lists for other states and territories.
Thanks,
Luckyone
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