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Just opened the land valuation notices... huge jump in valuations.

Discussion in 'General Property Chat' started by wylie, 4th Mar, 2016.

  1. wylie

    wylie Moderator Staff Member

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    I wasn't sure whether to put this into this related thread -

    Brisbane land values rise 10 per cent

    but I've just opened today's mail and the OSR annual land valuation notices have knocked my socks off.

    One has gone up 10%
    Another over 20%
    Another up 20%
    Another up 15%

    I'm not complaining because clearly we have some value in our holdings (but still have huge debts on what we hold, so we aren't bathing in caviar). But these jumps are much larger than any I've seen for many years.

    Our land tax is going to hurt. I bet they don't move the threshold either :rolleyes:.

    I know they will take three years to reflect fully in the rates and it is good for us but these jumps are BIG.
     
    Last edited: 4th Mar, 2016
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  2. Depreciator

    Depreciator Moderator Staff Member

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    My PPOR land val went from $559K to $889K. Nuts.
     
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  3. wylie

    wylie Moderator Staff Member

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    That IS nuts! I thought $120K jump in one go was nuts. Will you appeal?

    My mother used to regularly appeal. Had a few wins but mostly not.
     
  4. oracle

    oracle Well-Known Member

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    I have experienced similar thing here in ACT. The unimproved land values always goes up, but unfortunately I am not seeing similar increases in house prices from sale price. For eg. I remember seeing unimproved land value of around $480K for the house to sell for just under $600K. How can decent but old house be worth just $100K when cost to build similar house is atleast $250K-$300K. And this is one of many examples I have observed.

    Looks like the government is only interested in getting higher and higher land and rates taxes irrespective of whether land value is really increasing based on recent sales data.

    Cheers,
    Oracle.
     
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  5. Depreciator

    Depreciator Moderator Staff Member

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    No point appealing - especially when the sale value of the property would have gone up by a greater proportion.
     
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  6. Marg4000

    Marg4000 Well-Known Member

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    We appealed once, lived on half an acre in Moreton Shire. Objected on the grounds that poor suburb drainage meant part of our block was continually boggy.

    Thought we were home and hosed when the inspector came out and his car bogged in the driveway.

    Got around 1% knocked off! Which was added on the next time.
    Marg
     
  7. WilliamB

    WilliamB Well-Known Member

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    We had a thread like this last year didn't we, where a number of suburbs had huge rises in UCV.

    Can't wait to go to the PO box.


     
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  8. wylie

    wylie Moderator Staff Member

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    The sale value of the property has always been greater than the land valuation, but appeals have worked in the past. I used to appeal too, but haven't done so for many years. I might do so this time. Our land tax is going to be crippling.

    I would be less troubled if they would move the threshold a little.
     
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  9. Big Will

    Big Will Well-Known Member

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    Good luck with that haha, you can barely hold more than 1 property in a trust in QLD these days and soon not any!
     
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  10. jim1964

    jim1964 Well-Known Member Premium Member

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    I just got done for Land Tax here in S.A. and i have a number of entities i use.1st time ever this has happened in all my investing years.
     
  11. Azazel

    Azazel Well-Known Member

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    Was that in Brisbane?
     
  12. Leo2413

    Leo2413 Well-Known Member Premium Member

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    What size is the land?

    Thanks
     
  13. Hanison

    Hanison Well-Known Member

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    Just opened the mail then.

    20.68% on one I own in Moreton Bay council area.
     
  14. wylie

    wylie Moderator Staff Member

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    I've just altered mine to percentages, because I think that is probably more pertinent than the actual valuations.
     
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  15. Hanison

    Hanison Well-Known Member

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    Yes, percentages do tend to sound more dramatic.
     
  16. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I'd better register for land tax....
     
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  17. wylie

    wylie Moderator Staff Member

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    Just looked up middle boy's value for Holland Park and his valuation has risen 40%. That is crazy.
     
  18. Hanison

    Hanison Well-Known Member

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    needs a dislike button for that.

    Any news on land tax threshold increasing ?

    Peeps are going to be entering that bracket left right and center.

    *Metaphor of state government
    Mr Burns - Exxxactlyyyy
     
  19. God_of_money

    God_of_money Well-Known Member

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    mine @ Runaway Bay went up by 25%. WTF???
     
  20. Mooze

    Mooze Well-Known Member

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    Is there somewhere you can look online? Interested to see if our whole street has gone by similar amounts
     
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