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Your 2012 land valuation: Should you object? |
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| Focus: |
2012 annual land valuation - opportunity to object |
| Services: |
Property & Projects |
| Industry Focus: |
Property |
| Date: |
17 April 2012 |
| Author: |
Linda Morris, Partner; Danyelle Kelson, Special Counsel; and Vanessa Thompson, Lawyer |
The brief window of opportunity to lodge an objection to your 2012 annual land valuation will close on 28 May 2012.
By now you should have received your new land valuation issued by the Valuer-General on 28 March 2012 under the Land Valuation Act 2010. If you have any concern that your valuation is incorrect, particularly if there has been an increase from last year’s valuation, you must act now to preserve your rights.
Valuation methodology
Valuations are driven by market value. For rural land, “unimproved value” which assumes land is in its natural state without improvements is considered. For non-rural land, it is “site value” which takes into account site improvements such as filling, clearing, rehabilitating, retaining or preparing the land for development.
Why object?
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in general terms, a higher valuation means higher land tax and rates. An increase in your annual valuation could have a real impact on the cost of land assets you own or control
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land owners should be wary of unjustified increases in valuations, particularly in the current sluggish property market. A successful objection which reduces your valuation can save you money
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if you do not object within 60 days of the issue of your annual valuation - that is by 28 May 2012 - it will take effect from 30 June 2012.
Making an objection
An objection must be “properly made” and supported by information sufficient to demonstrate that the valuation is wrong. This may require evidence from a valuer, town planner or other expert, as well as any other documentation you have to support your views. This supporting information may take some time to source and collate.
We can help
At DibbsBarker, our Planning & Environment team are available to assist you with any aspect of the objection process including advising you on the application of the Act to your circumstances and procedural matters, preparing your objection and recommending valuers or other experts with a track record of success in objecting to valuations. For more information, please contact:
The information in this document is provided for general guidance only. It is not legal advice, and should not be used as a substitute for consultation with professional legal or other advisors. No warranty is given to the correctness of the information contained in this document, or its suitability for use by you. To the fullest extent permitted by law, no liability is accepted by DibbsBarker for any statement or opinion, or for an error or omission or for any loss or damage suffered as a result of reliance on or use by any person of any material in the document. This publication is copyright. Apart from any use as permitted under the Copyright Act 1968, it may only be reproduced for internal business purposes, and may not otherwise be copied, adapted, amended, published, communicated or otherwise made available to third parties, in whole or in part, in any form or by any means, without the prior written consent of DibbsBarker.
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