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

TECHNOLOGYONE SAYS IT WILL SUE BRISBANE CITY COUNCIL FOR $50M IF IT TERMINATES CONTRACT

ENTERPRISE software company TechnologyOne (ASX: TNE) has threatened to sue Brisbane City Council (BCC) for more than ...

WESTPAC LOOKING TO SELL HASTINGS TO CHARTER HALL

Westpac Group (ASX: WBC) has entered discussions with property investment group Charter Hall (ASX: CHC) to sell Ha...

THE CYBER SECURITY FIRM THAT HAS MELBOURNE AND SYDNEY BATTLING FOR ITS BUSINESS

ISRAELI cyber security firm Votiro will decide where to set up shop in Australia in the next few weeks, with both ...

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

Related News

TECHNOLOGYONE SAYS IT WILL SUE BRISBANE CITY COUNCIL FOR $50M IF IT TERMINATES CONTRACT

ENTERPRISE software company TechnologyOne (ASX: TNE) has threatened to sue Brisbane City Council (BCC) for more than ...

WESTPAC LOOKING TO SELL HASTINGS TO CHARTER HALL

Westpac Group (ASX: WBC) has entered discussions with property investment group Charter Hall (ASX: CHC) to sell Ha...

THE CYBER SECURITY FIRM THAT HAS MELBOURNE AND SYDNEY BATTLING FOR ITS BUSINESS

ISRAELI cyber security firm Votiro will decide where to set up shop in Australia in the next few weeks, with both ...

IF YOU LOSE YOUR MOJO, YOU LOSE YOUR BUSINESS: GLEN RICHARDS

HE'S one of the "sharks" on the hit show Shark Tank and Dr Glen Richards deals with startups and sca...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter