All Topics / Help Needed! / Land Information Certificate -Site Value, Capital Improved Value – What does it mean ??

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  • Profile photo of minglingmingling
    Participant
    @mingling
    Join Date: 2007
    Post Count: 39

    Dear All,

        Greatly appreciate if someone can enlighten me on these parameter from the land info cert ?

        Are these call the council valuation? if there are defined as council valuation , can we compare these to our purchase price of the property ?

        for example, we bought a property for 380K recently (Jun 2007)and I came across these when we are preparing for the settlement.

        Effective date of valuation – 01 Jul 2006
        prescribed date of valuation – 01 jan 2006
        site value 185,000
        capital improved value 280,000
        net annual value 14,000

        What are expected from these parameter ? are we expected to see those value higher or lower than purchase price of the property if there is relationship? or there is no relationship to the property price at all.

        looking forward to hear from you all to enlighten me.

    thanks and cheers !
    Ming

    Profile photo of Jon ChownJon Chown
    Member
    @jon-chown
    Join Date: 2007
    Post Count: 254

    Mingling,   Many people talk about the Council Valuation on the Rate certificate and from my experience it has absolutely nothing to do with the property sale value, it is simply an amount that Council comes up with in order to proportion a rateable value on.

    Jon

    Profile photo of minglingmingling
    Participant
    @mingling
    Join Date: 2007
    Post Count: 39

    Hi Jon,

        thanks for your prompt feedback. cheers !

    Profile photo of chilliaachilliaa
    Participant
    @chilliaa
    Join Date: 2007
    Post Count: 16

    can someone tell me, is the site value the amount used when calculating land tax?  I just bought a couple of IP, but have just been told about land tax on the land value of the IP. How do i find out what is the 'land value'?
    Help appreciated.

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722

    Hello Chilliaa

    In Vict. the SRO uses the council valuation of unimproved capital value as the bases for land tax. I would assume it would be the same in other states?

    Cheers
    Elka 

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