Property owners urged to update property values

Written on the 15 September 2010

PROPERTY owners are encouraged to check the accuracy of their land values as the State Government re-assesses land tax and council rates for Queensland properties.

Land tax is expected to contribute $1 billion to State Government coffers in FY2010.

Property lawyer Stafford Hopewell, says a reduction in land valuation figures can substantially reduce land tax and rates bills.

“The State Government announced its intention to overturn a recent decision by the Queensland Court of Appeal which rejected the State Government’s methods of valuing improved land,” says Hopewell.

“The Court of Appeal had found that the State Government overestimated the unimproved land value of Pacific Fair Shopping Centre by more than $200 million.”

As a result of the decision, owners of commercial and industrial land are expected to benefit from lower tax and rates.

“While it is always important for landowners to check the accuracy of their land valuation, it is very important at the moment, given the current debate surrounding land valuations in Queensland,” says Hopewell.


Latest News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

VOLATILE INDUSTRY CLIPS FLIGHT CENTRE'S WINGS

DESPITE achieving record sales in the first half, Flight Centre Travel Group (ASX: FLT) profit has suffered the ef...

ARDENT TAKES $95.2 MILLION HIT FROM DREAMWORLD TRAGEDY

ARDENT Leisure has taken a $95.2 million write-down on the value of its Dreamworld theme park following the tragedy t...

AGENT EXITS, LOW LISTINGS HURT MCGRATH

PROFITS have dived 72 per cent at real estate group McGrath (ASX:MEA) to $2.4 milllion on the back of low property...

Related News

EVERYTHING YOU NEED TO KNOW ABOUT THE NATIONAL BROADBAND NETWORK

THE National Broadband Network (NBN) is more than an internet connection, it is an opportunity to transform your b...

WHY EMPLOYEE-OWNED COMPANIES ARE BEATING ASX200 SHARE PRICES

EMPLOYEE-owned companies command a higher share price than their publicly listed peers, reaping a 17 per cent prem...

RISE OF THE MACHINES HAS WORKERS SWEATING

UP TO 3.8 million Australian workers are fearful their job may soon be terminated by a robot, a new survey has shown....

LESS TALK, MORE SMALL BUSINESS ACTION IN 2017

THE future growth and prosperity of Australian SMEs could be undermined if governments lose sight of the sector...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter