Trying to understand all states - vic, nsw and qld in particular.
I've read the individual state websites but none define what is meant by 'land value' - ie land unimproved or land improved (ie without building or with building).
Trying to understand all states - vic, nsw and qld in particular.
I've read the individual state websites but none define what is meant by 'land value' - ie land unimproved or land improved (ie without building or with building).
Land tax is based on the unimproved land value. For vacant land that is homogenous this is a simple matter. For established areas its somewhat more complex. For strata sites the land is apportioned so that each strata owner shares in the total land to the agreed %. Each state varies and many adopt a three year average to smooth variations (+ / -) in land values from sudden increases in one year and a fall in the next.
Land valuations are generally contracted out by the state govt agency to private land valuers who use local market data to determine changes. Its a desktop process with limited walkabout to the site these days with google maps assisting no doubt. In some instances they get it wrong. Thus valuations can be objected to provided the correct process is followed and it is done in time.
Land valuations are often quoted on council rate notices as many councils also "base" rates on this measure.