land value calulation on units?

[ipbaby]

Hello everyone!

We recently bought another IP
and just received our first land tax bill

Can someone please tell me how the Valuer General calculates the land value on units?

The land value they put on our unit is 40% of our purchase price

I thought the land value component was relatively low when buying units? as we are effectively buying airspace....Our unit is part of 24 units in the building

Also there is a footnote in the assessment to this unit "subject to concession for land that is heritage restricted"

What does this mean? Because the unit is in a heritage building, we received an additional discount from their already crazy high land value allocation? or is it an additional land tax loading?!

From our understanding, when we bought the unit, there were no heritage restrictions noting, which further baffles us

Is there a way we can check how land values are calculated on units? (without speaking to a valuer, who will probably charge some!).

I can get access to RP Data database

Is there a rule of thumb on land value of unit/ land value of pp or across the whole building?

Any feedback would be greatly appreciated!

Thank you!

 

[travelbug]

Your rates notice has the land value on it. I thought it was the value of the land divided by the number of units (may be allocated by your allotment within the strata?).

I was surprised by my 26sq unit in Elizabeth Bay. Land value is $100K. But then again I guess $1.2million would be about right for the block (12 units). My unit is worth around $300K so 30%.

How many units in your block? 40% is high. But maybe you go it really cheap?

 

[Leghorn]

The valuer values the land and your rates/land tax is caluclated on your unit entitlement as per the strata scheme

 

[ipbaby]

land values in Annandale?

thank you, i also called the General Valuers office today & concur that our land value is calculated as total land value for the building divided by the number of unit entitlements of our unit

They confirmed our block of 24 units has a $3.5mill land value
Our property is in Johnston Street, Annandale

i guess now the question is.... how do we verify the land value for the block?

i guess that is the only way you can dispute the Valuer Generals numbers

I also spoke to our strata managers & they say that they only value the building for insurance purposes, & never the land.... it seems silly that they dont value the land component at the same time (for the same effort)?

The manager said that he never had a need to value the land.... sounds strange, given that 75% of this block are investors!

Has everyone just became complacent with paying land tax as part of property investment?