We have a property in Enoggera which is 3 units (2 x 1) on 780 metre battleaxe block.
The development would be 50 years + old and is a raised house like structure clearly build as 3 units.
The area is zoned low density residential. The rates are category 4 which is multi-residential. The land value is $610,000 on the rates - which is pretty much what we paid for the whole thing - so the rates calculate at $820 per quarter - which is pretty expensive.
I have had a chat with council who suggested I talk to a town planner - but I was hoping someone knew about how this all works.
The questions I had are :
- does paying "multi-residential" rates increase the value of the land or impact the zoning ?
- does the multi-residential rates improve the change of a better future development on the land ?
- is there a case that the land value is overstated given the sale price ?
- should I be looking at adjoining properties to get some street frontage for a future development ?
Just wondering really if the extra rates just let me have 3 separate tenants or if it means more than that.
Any insight you have would be appreciated.
The development would be 50 years + old and is a raised house like structure clearly build as 3 units.
The area is zoned low density residential. The rates are category 4 which is multi-residential. The land value is $610,000 on the rates - which is pretty much what we paid for the whole thing - so the rates calculate at $820 per quarter - which is pretty expensive.
I have had a chat with council who suggested I talk to a town planner - but I was hoping someone knew about how this all works.
The questions I had are :
- does paying "multi-residential" rates increase the value of the land or impact the zoning ?
- does the multi-residential rates improve the change of a better future development on the land ?
- is there a case that the land value is overstated given the sale price ?
- should I be looking at adjoining properties to get some street frontage for a future development ?
Just wondering really if the extra rates just let me have 3 separate tenants or if it means more than that.
Any insight you have would be appreciated.
