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.
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