QLD Landvalue notices

Discussion in 'Accounting & Tax' started by standtall, 8th Mar, 2017.

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  1. wylie

    wylie Moderator Staff Member

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    The chap who had land tax bill of over $100k also told me he holds a large block which had a value of $1.5m. He challenged it and it was reduced to $500k.

    Clearly, he was able to prove his case with comparables. That's a big drop.
     
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    It's interesting that there's 2 threads on Qld land values and seemingly none for other states. NSW landowners see huge jumps... what can you do?
     
  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    QLD land notices are being issued ahead of the 30 June taxing date. Other states are December 31st. QLD has a different regime for valuation changes and its topical for this time of year
     
  4. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Valuations are based on typical norms and not on a site by site basis. If there are characteristics of the land which hinder its value (eg it has a rare frog and so building wont happen) its wise to ensure that the valuation incorporated that fact.

    I helped a lawyer appeal against a massive land value. $80m reduction....The city land in question has such a tough cultural, historic and heritage restriction on the land you cant build on the land or change what is there it at all. If the building was destroyed its likely it would not be rebuilt either. This issue means that the land itself is almost valueless but the rights above the land have value. The property was build long ago to protect the thing under it. VG dropped the value after lengthy issues.

    Another client has a large land area but its a protected koala habitat. To protect the koalas there are no signs or indicators and its double fenced. Used to be used for primary production and now they cant do much with it. Would make a great resort location but for the koalas. The valuers didnt know that one either. The value is far less than other local land. Comes up every few years which is annoying.
     
  5. AaronR

    AaronR Well-Known Member

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    My Chermside place has gone up ~20% from 310k to 370k. I'm on ~700sqm LDR zoning.
     
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  6. Danieljk101

    Danieljk101 Well-Known Member

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    $360k to $415k for my 850 sqm splitter block in Chermside West.
     
  7. gman65

    gman65 Well-Known Member

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    All I can say, is that if your valuation *hasn't* gone up, and something seems amiss between what the property would actually sell for, and the current land valuation, its only a matter of time. So start preparing now, putting aside extra money, raising rents, whatever is needed.

    I know one of mine the valuation is still for $260k, and I bought the place for $450k (would be worth a bit more now). There is no way the house is worth $190k, so I expect 10-20% increases next year and the following, just like one of my other properties has done in 2016 and 2017 valuations.

    For most properties, take $50-100k off what you would think you would get in an open market, and that will be your true land value. Eventually they will catch up.
     
  8. Daydreamer

    Daydreamer Well-Known Member

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    These land valuation increases appear to be producing something similar to the effect of income tax "bracket creep". Do state governments raise the land tax thresholds from time to time in line with inflation ?
     
  9. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Which state ? NSW yes....Their website clearly shows that. Some states dont eg Vic....Look at the rate its far lower than NSW and its progressive.
     
  10. Daydreamer

    Daydreamer Well-Known Member

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    Yes, I can see that for NSW.
    How about for QLD?, along the theme of this thread - as there has been significant land valuation increases in the past couple of years. I can't see any mention about how land tax thresholds are revised from year to year on the QLD website.
     
  11. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    A knowledge of thr 2010 retrospective changes to QLD land tax definitions is something unique to QLD. As is indirect stamp duty. Otherwise knwledge of and access to thresholds and land values are important for each owner. Annually
     
  12. Gomez

    Gomez Member

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    So, is Wynnum an up and coming area? I'm from Sydney so not that familiar with Brisbane suburbs.