Annual Land Valuation Notice - What does it mean?

I just got a letter for Annual valuation

For PPOR the values hasn't changed for more than 4 years now this year all of the sudden it jumped by 140k...??! what is going on? what does it mean? Is it government's way of a tax grab, because they are so poor?

Do I need to do anything differently?

Will Brisbane city council rates go up?

Will I have to pay land tax this year?

Is this good or bad?


PPOR
Was: 350k
Now: 490k

IP
Was: 335k
Now: 470k
 
I just got a letter for Annual valuation

For PPOR the values hasn't changed for more than 4 years now this year all of the sudden it jumped by 140k...??! what is going on? what does it mean? Is it government's way of a tax grab, because they are so poor?

Do I need to do anything differently?

Will Brisbane city council rates go up?

Will I have to pay land tax this year?

Is this good or bad?


PPOR
Was: 350k
Now: 490k

IP
Was: 335k
Now: 470k
Means you'll pay more rates, probably realised that you were being undercharged.
 
Ignore the ppor as it is normally exempt. The land value is averaged (in some states) which minimises the effects of the one-off increase. It will affect ratings and outgoings costs.

Will you pay landtax - what's the threshold.
 
I just got a letter for Annual valuation

For PPOR the values hasn't changed for more than 4 years now this year all of the sudden it jumped by 140k...??! what is going on? what does it mean? Is it government's way of a tax grab, because they are so poor?

Do I need to do anything differently?

Will Brisbane city council rates go up?

Will I have to pay land tax this year?

Is this good or bad?


PPOR
Was: 350k
Now: 490k

IP
Was: 335k
Now: 470k

In order

No
yes
no
Depends on your perspective but land values increasing should mean increased property values so its a positive providing the value calculated is reasonable
 
Ok Thanks that's great.

I think the landtax for QLD doesn't count the PPOR.

and there is a threshold. Someone wise once told me on this forum that a smart investor tries to buy property in different states up to but not over the threshold for each state so they avoid land tax. (The landtax for different states are not added together.)
 
If you rent out your ppor, you will be charged land tax on it in Queensland as well (as I've recently discovered). You just need to notify them when you move back in to get the exemption again...
 
The problem for the OP is he openly admits he has tenants living with him in his PPOR.

If he is claiming depreciation (bless his heart for one of the greatest threads of all time) and income/expenses, I would say in fullylucky's position, his PPOR is subject to the Land Tax because of the reason above.

OP cant have his cake and eat it too. Renting out the PPOR has so many things going against it....Land Tax....Capital Gains Tax issues....Tenant's friends honking horns..........


pinkboy
 
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