Economy
1691 objections to new property valuations
TASMANIA’S valuer-general received 1691 objections in response to its latest cycle of 90,000 property valuations carried out in 2010.
The valuations underpin tax and rating levels and were carried out in the Derwent Valley, Dorset, Flinders, Glamorgan-Spring Bay, Glenorchy, King Island, Launceston, Sorell, Tasman and Waratah-Wynyard municipalities.
Some areas witnessed massive upswings in value such as Sorell where land worth soared an average of 140 per cent.
Across Launceston, land values increased by an average of 44 per cent.
Newstead property owner Debra Cadogan-Cowper was among the 2 per cent of objectors after she found her land value increased by 139 per cent in the six years between the two valuations.
She decided to lodge an objection on the basis that her unit had been worth $50,000 less than the valuer-general’s figure in 2009 after a private valuation.
“There are a lot of older people in that apartment block and they have been slugged that amount as well,” she said.
After seven months Mrs Cadogan-Cowper had her objection rejected.
The 2010 valuation of Launceston’s 30,724 properties valued the city’s land at $4.3 billion, capital value which includes land plus home at $10.9 billion and the total rental value at $561 million a year.
The evaluation of the 10 municipalities was outsourced to the private sector for $1.8 million.
Published: 2012-01-05 12:54 AM
Mercury, Tuesday 10 Jan: Owner stung by tax bill
THE Real Estate Institute has warned homeowners to keep up to speed on the tax laws after one homeowner was hit with a surprise land tax bill of $14,000.
REIT president Martin Harris said the property owner had left the home to go interstate for family reasons but did not want to leave their home vacant and insecure for insurance and peace of mind reasons.
“Friends stayed at the property for a nominal rent and did the right thing by completing a rental bond form,” he said.
“After a six-month period the owner was promptly billed land tax for over $14,000 .”
Mr Harris said the REIT had approached the Department of Treasury and Finance get for clarification on the tax matter.
“Some Tasmanians may feel aggrieved about the fairness of this taxation rule, but the nature of taxation is invariably black and white, and government officials rarely if ever have discretionary powers to waive laws and individual circumstances,” Mr Harris said.