Madison Marcus has been laying the groundwork for challenges to what appear to be erroneous valuations used for land tax. The evidence reveals recently issued valuations of the NSW Valuer General – used to calculate land tax – are fundamentally flawed. They assert land values increased in all categories across the State, with total residential land values rising by 4.4 per cent.
However, a downturn in Sydney dwelling prices and related lack of comparable sales undermine this approach. Experts instead say more valuations should be based on a feasibility style approach, incorporating price drops and overall costs of a development.
The claims directly challenge the valuation approach. By participating in them, land owners can have their claims advanced on a highly cost-effective basis. They can also benefit from the added weight of similar claims being made by other taxpayers, monetising rights which could be very costly to vindicate in isolation. Given the short time limits to object – usually 60 days – owners should move quickly on this unique opportunity.
For more information about protecting your rights and making a claim, contact the Property and Tax Law Experts at Madison Marcus today.
Denis Hall – Director / National Head of Property Pier Parisi – Special Counsel
P: +61 2 8022 1222 P: +61 2 8022 1222