Land Tax threshold QLD

Seems generous.. I got stung on a UCV of about $530k, for a property that was valued at close to $540k during the recent downturn. A 60 year old house is probably worth $0 I guess, but still...

 

You can object to a valuation

 

With very little comparables over the last 5-10 years (tightly held street), doubt I would get far

 

The valuation at the most recent point is the problem. After 60 days you can't object. Recent sales aren't the only way.

I objected to one with no sales in close to 20 years and argued the land had no value at all. It was allowed. But a basis to determine value is needed. Remember valuers value for the valuer general

 

Bump.

I bought a property in a trust struture in 2017. Land tax then was $663. Two years later its $1414.

The property value has moved by a very small amount - around 35K if that.

I didnt keep an eye on it and now the window for objecting has closed. My question is, why do they keep such a narrow window? And can i object now? or do i need to wait until Dec 2020 to get the new tax and object to that?

 

Nobody says the land has risen 16% in market value. The land was uniformly valued at a specific date and that is being used for calculating the tax. Was it overvalued and if so did you object? Was it previously under valued ?

Land tax is based on a valuation determined by the State Govt "valuer" at a point in time and then its used for rates and land tax etc. If you dispute that value you need to adopt the process to do that. If you dont you will face tax based on that value.

Find your annual land valuation | Queensland Government explains the complete process. If you land is not quite the same asd those surrounding it there could be raeson why your land has been overvalued. The valaution is based on big patches of common property as the valuation method does not value each and even lot one by one. . If your land has a big granite rock in the centre that is a landmark incapable of removal it could affect value of the land. Just as a 800M2 lot which is just 1m wide may have a exceptionally low value.

You may be able to use Covid or other factors as grounds for asking the valuation objection be considered out of time. Have you asked and been refused ?

Ignore what the land tax was. Its what the land value reflects at present. The QLD land tax system is self indexing UPWARDS where NSW has a index that seeks to flatten. Remember its a unimproved land value and you would need a basis to object. Unfairness will be refused.

Late lodgement
An objection lodged after the close of the usual objection period (60 days) may be accepted. Normal objection time ended in May 2020. A late objection will be considered only if it is lodged within 1 year of the date of issue of the valuation and only if it was a result of:

• the landowner’s mental or physical incapacity
• an extreme circumstance
• an extraordinary emergency
• another reason the Valuer-General considers satisfactory in the circumstances.

You must include the reason for the late lodgement as well as supporting information. You may be asked to provide a statutory declaration (PDF, 235KB) to support your application.