Hello,
I realise this may be a silly question but I am trying to understand the usages for the UCV. In my town the UCV is used to calculate the amount of rates paid. Over the past few years our UCV's have gone up considerably. They now sit at a value equal to about what you could sell your property for. And yay, the rates have gone up heaps too.
Just wondering if there is anyway I can see this as a good thing? Does this help in overall valuations, bank financing etc.
Any other usages for a high UCV?
UCV is only used for the determination of rates & land tax. Where possible, object to the triennial valuations with a value’s support.
Thanks Scott, can you please advise what you mean by 'values support'?
Is the UCV supposed to be equal to the value in which the property could be sold for?
Hi,
I am not 100% sure on this but my understanding of "unimproved" in regard to rate notices is that this is the value of the land alone wheras improved capital value is the value of the land and any "capital improvements" which would include buildings etc….. Unimproved value=land value, wheras capital improved value= total house & land value, or what the property could be sold for.Hi,
Yep, Kim is spot on. Usually the CIV 's are reasonable conservative, as councils don't want too many people saying their house is not worth as much as is on the rates notice. TO confirm that, I don't know of many people who would sell their house for the CIV on their rates notice. It's a good guide though when working out what your property may be worth. Unimproved value is land only.
Cheers
As of this year my local council calculates rates based on the CIV. Not sure if it is happening across the board though.
Andrew
itsandrew
Go as far as you can see and you will see further.
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