Revaluation of Land and Buildings Assessment
Council Rates and Land Tax notices will be sent out soon and we suggest you review the Capital and Site Values of each property.
There is the possibility that the value of your residential and/or investment properties have been overvalued.
If you consider a valuation to be overstated it can be reviewed.
As an example: for Land Tax purposes, please consider the following scenario
Husband and Wife equally own Investment Property A and Investment Property B.
Investment Property A – Taxable Site Value $ 540,000
Investment Property B – Taxable Site Value $ 500,000
Combined Land Tax Payable = $ 700
Initial Valuation Assessment is objected within 60 day period and it is determined Site Value has been overstated.
Investment Property A – Taxable Site Revalued $ 470,000
Investment Property B – Taxable Site Revalued $ 430,000
Combined Land Tax Payable = $ NIL
The above example shows a saving of $700 per year, this equates to a potential $3,500 over-payment of Land Tax within 5 years.
Be aware there is only a 60 day period to object to a valuation assessment from the date of the first notice, therefore timing is of the essence if you wish to challenge an assessment.
Please contact us at any time to discuss your potential review.
The Team at Gibson & Partners
Important: Liability limited by a scheme approved under Professional Standards Legislation. This is not advice.
General advice warning
The information contained in this document is general advice, which means that it has been prepared without taking into account your personal objectives, financial situation or needs. Because of that, you should consider the appropriateness of the advice, having regard to your personal objectives, financial situation and needs. If this document includes general advice about the acquisition or possible acquisition of a financial product, you should obtain and read the Product Disclosure Statement which relates to the financial product before making a decision about whether to acquire the product.