When it turned up in the mail over the past couple of weeks you probably didn’t pay much attention to your Annual Land Valuation Notice. Most of us know the Council uses this number to calculate our rates bill but it’s such a random amount we rarely know how it translates to actual expenses. So few of us bother to check whether it’s fair, let alone go through the steps to appeal it.
The government’s recently reviewed how they set the valuations but doing these for every property across the state means the process inevitably remains flawed. So it’s worth a reminder that Council rates aren’t your only cost. If you’re not already paying land tax, a small increase in your property’s site valuation could easily tip you over the minimum. It’s just $350,000 for companies/trusts or $600,000 if owned in personal names. The government have grouping rules too so you only need to own one decent inner-Brisbane house or an average house plus one apartment and you can easily exceed the limits.
Step 1: Check your latest Site Valuation at the govt website. Many are showing big increases on last year, despite the market having mostly gone backwards.
Step 2: If you feel the amount is unreasonably high lodge a valuation objection – most of the info you need to complete it is at the webpage.
Step 3: Do your homework on what you feel the valuation should be. There’s now plenty of sales data available on sites like RPData and www.pricefinder.com.au If you’re a Bees Nees landlord we’d be happy to assist with a sales report at no charge.
You have time limits on submitting your objection and the steps really aren’t as difficult or time-consuming as you’d think. And the result could be a saving of thousands.
Have you appealed a valuation in the past? We’d love to hear your comments