Land valuation system comes under fire

[Propertunity]

http://smh.domain.com.au/real-estat...n-system-comes-under-fire-20120327-1vwnk.html

....landowners are having their private and commercial property values reduced by billions of dollars for land tax and rating purposes after challenging official decisions, prompting concerns from the NSW government about the state's valuation system.

Figures compiled by the NSW Valuer General for the past decade show more than 170 cases where there was a variation of more than $5 million between the initial valuation and the valuation after landowners objected..

......and I thought some valuations I've seen at $100K short of the purchase price was off

 

[tobe]

odd how people and companies will dispute land tax valuations as being too high, and dispute lenders valuations as being too low. You cant have it both ways....