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

Discussion in 'Property Market Economics' started by wylie, 4th Mar, 2016.

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  1. tavinium

    tavinium Well-Known Member

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    My Morninside townhouse has gone up on avg 12.5% p.a. since 2012.
     
  2. willair

    willair Well-Known Member Premium Member

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  3. kierank

    kierank Well-Known Member

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    Is this fair?

    Neighbour on LHS: $280K to $310K = $30K or 11% increase
    Mine: $435K to $570K = $135K or 31% increase
    Neighbour on RHS: $310K to $340K = $30K or 10% increase

    All three properties have the same land size, namely 607m2.

    Both of the neighbours have houses; mine is a block of 4 strata-titled units.

    Mine is owned in a trust and already paying Land Tax. Looks like I might be paying a lot more!!!
     
  4. Gockie

    Gockie Life is good ☺️ Premium Member

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    I guess 4 units will sell for more than 1 house. You're helping the government if you built them...
     
  5. kierank

    kierank Well-Known Member

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    One helps the government if one earns a $, spends a $, invests a $, ...

    Given the details above, if I had a trust that owned the property on the RHS or LHS, then no Land Tax payable.

    With my property, Land Tax of $5,190 will be payable. That is $100 per week or $25 per week per unit. Ouch!!!! Better put the rent up :) :)
     
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  6. Sonamic

    Sonamic Well-Known Member

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    So 600k per individual name. Is this inclusive of ALL property in that individuals name, or does your PPOR receive an exemption?
     
  7. kierank

    kierank Well-Known Member

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    I am not sure whose posts you are replying to as you didn't quote it. If it was my posts, then this property is owned in a trust (as I stated above) and the threshold for trusts in QLD is $350,000.

    If you are referring to someone else post, then ignore this post.
     
  8. HUGH72

    HUGH72 Well-Known Member

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    In Qld, PPOR is exempt, for other properties in both names 50% of unimproved value counts towards the total when accessing whether Land Tax is payable from memory.
    I'm not an accountant but I recently received a notice where the OSR tried to include the PPOR in the Land Tax assessment. You can just click on the link online to request the exemption in Qld.
     
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  9. kierank

    kierank Well-Known Member

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    That is what I thought until I read the DNR site which states:

    "Land that is zoned rural under a state or local government planning scheme is valued using the unimproved value methodology.

    All non-rural land, including land zoned rural-residential, is valued using the site value methodology."

    I would imagine, under the unimproved value methodology, my property posted above would have the same value as the properties on my LHS and RHS.

    Under the site value methodology, I would imagine that my property has a higher value to the properties on my LHS and RHS as my property has an approved BUP (Building Unit Plan). I have just checked:- my post above lists site values.

    I am still coming to grips with this but that is what my research is currently telling me.
     
  10. HUGH72

    HUGH72 Well-Known Member

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    Interesting, is there any further information on the site valuation method? I would have thought that unimproved value would have considered LMR zoning etc? I haven't received my valuation notices for this year yet.
     
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  11. kierank

    kierank Well-Known Member

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  12. Sonamic

    Sonamic Well-Known Member

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    No it was just a general question. But not a dead loss. Now I also know what the Trust threshold is.:D
     
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  13. NeedMoreTime

    NeedMoreTime Well-Known Member

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    1. 20%
    2. 25%
    3. 10%
    4. 20%
    5. 0%

    Next purchase will put us over the threshold. Might have to start looking interstate.
     
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  14. wylie

    wylie Moderator Staff Member

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    They must be units or townhouses to get to five and still not hit the threshold?
     
  15. NeedMoreTime

    NeedMoreTime Well-Known Member

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    All houses In joint names with my wife so double the threshold, and one is ppor which is exempt.
     
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  16. wylie

    wylie Moderator Staff Member

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    I see. So equivalent of two houses each?
     
  17. Tonibell

    Tonibell Well-Known Member

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    We purchased at auction a place in North Brisbane in late 2013 had 3 x 2 bedroom units on it.

    In 2014 the land valuation came in $100K above our purchase price - we thought about challenging this but didn't as we thought it may impact on a selling price and/or a revaluation.

    This year the notice has come in and the land valuation is $210K above the purchase price (which included the 3 units).

    Do you think the land valuation play a role in the selling price or how valuers would look at it ?

    Don't want to pay too much extra land tax or rates - but don't want to shoot ourselves in the foot either.
     
  18. chindonly

    chindonly Well-Known Member

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    What dates are your Brisbane UCV valuations?

    I haven't received any at all.
     
  19. Azazel

    Azazel Well-Known Member

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    Mine just started coming in, I must've been confused with another state... : /
     
  20. Gingin

    Gingin Well-Known Member

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    Better get to that, I got punched in the face a few years back. The NSW OSR sees everything, they have very good information harvesting resourses.
     

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