land value calulation on units?

Hello everyone!

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

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 :confused:

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?! :confused:

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 :D

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!
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?:D
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? :confused:

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? :eek: