Hey all We've just received a valuation on our SMSF held property in QLD which would make us liable for land tax. The threshold at which tax kicks in $350,000. Our property has just been valued at (... drum roll...) exactly $350,000! There is the opportunity to object, but does anyone have any experience objecting to a QLD land tax valuation? Just one dollar less would've see our super fund not liable, so it would be good to be able to object successfully and have that money stay in our super fund. Or would we be just wasting our time? TIA for any input. Kev
WOW! Who would have though $1K would make that much difference. Bit ambiguous with the wording too. So the threshold is really $349K then if $350 attracts tax. Crazy. Under those circumstances I'd at least make a phone call. In NSW it's $160 + 1.6% for everything that is over the threshold. So $176.
Here is a link to the legislation LAND TAX ACT 2010 - SCHEDULE 2 It says less than $350,000 there is no land tax. so $349,999 and you would get away with none, but $350,000 and you would be paying $1450. 1cent extra value costs you $1450!
You need to consider the valuation date if you can even object. Time limits to objection to valuation are seperate to that of assessment. You could be out of time. If available , ideally some feature of the homogenous land could exist that limits the homonegous value per M2 for every square meter. This is the basis for how values are calc for each parcel of land. For example a area of the land has a big stone boulder on it that cant be removed etc. navigational marker, a concrete bunker from the war, a creek etc Perhaps even a exposed manhole / sewer vents etc If such a feature exists a valuer may assist. Some easements could affect homogenous value if for example it limits use of the land for a larger portion of area.
Years ago, maybe 20 years ago, my late mother and I had success in having the land tax valuations lowered slightly, a couple of years. From memory we produced comparable properties with lower valuations, or similar valuations but with better views, etc. Values were reduced a little, not much. I also recall probably ~25 years ago, when we lived on a hill in Balmoral with many properties enjoying full city views, being in my front yard and being approached by a valuer who asked if he could see what our view was like. I took him to our back yard to show that we had no view. I hoped we might cop a lesser increase than our neighbours with panoramic views. Alas... not so. Every house on our ridge line copped a big increase. We were high up, and the road dropped down and up again at the next corner. As the street dropped, the values dropped, and back up as the ridge line rose again. You could see the pattern. I also recall that same year, our house was valued at say $250k and a house that had just sold for $800k on Mowbray Terrace (huge parcel of land, four times the size of our block, landmark house with a ballroom and stables) had a land value of less than ours. I was told they had called a moratorium on increasing the values but too bad, so sad, as our increase had been put into action before that moratorium was called. Life is sometimes very unfair (but it's only money).
