I was pleasantly surprised when the bank commissioned me to run over to the Council Offices and grab a current rates notice to include in a recent 'top up' equity cash loan application. Glancing over the valuation it was registered as $168k when it was purchased two months earlier for 72k. I would not have known this had the bank not asked. Then the next Saturday's local paper had a full front page article of Council valuation going haywire across the board.
Though a higher valuation is good it's not realistic. Myself and bank knew that! So i lodged a compliant to the Council whom called a week later saying that the land value alone was at least 80k and from a desk peeking at Google street view said "i can't see much of it" i replied, "yeah, that's because of the big hedge out the front, but it's a 2BR weatherboard house and lots of shedding and new double garage". On chatting to neighbors down the road they alluded to be willing to have paid 110k – 120k if they had known it was getting auctioned. I didn't even know that, i heard about the property after no-one had put there hand up at auction and submitted a simple short text maximum offer 72k.
I suggested that it's probably more in the vicinity of 110k to 120k. The valuer verbally said over the phone, "how about we change it to 110k or 120k."… yep that be good!
That sent me into thought and then realized that two other properties owned by myself have had internal works done and the valuations are way under for these. Since Council does these only every two years and they currently taking complaints from bodged valuations. I think with a five minute visit to Council again and a five minute phone call and i could get on paper Council valuations that will add 100k over the three properties across the board.
I do not mind paying the higher rates provided the valuations are increased realistically with market movement where as most of those that are complaining will be home owners with one property in most cases even though some of them need to go down. As mentioned two of mine need to value up.
If banks bare the weight of Council valuation to determine my proposed livelihood then i want the best change to reach goals quicker with higher access to equity.
Received a subscription email today from the Property Victoria Newsletter. Has links to the .pdf listing of all the new 2010 values for Victoria.
Bit odd since my properties are still being corrected and this region is still taking adjustment queries from property owners till November 5th, 2010 and will take some time after to get them corrected?
Anyway to view the values that they have released:
Property Victoria October 2010 edition
The latest Property Victoria newsletter from Land Victoria is now available, featuring information from the 2010 revaluation of the whole of the state.
The data from Valuer-General Victoria shows that the value of private property in Victoria is $1.26 trillion, an increase of 16.9 per cent on the previous revaluation in 2008.
See the revaluation figures of all the state's 79 municipalities in the October edition of Property Victoria or visit http://www.dse.vic.gov.au and follow the links: Property, Titles and Maps>Publications>Property Victoria Newsletter.CatalystParticipant@catalystJoin Date: 2008Post Count: 1,404
What state are you in?
In NSW the council valuation is a land only valuation.
No-one would want that higher as it increases your land tax bill.
Right! In Victoria it has Site Value which i think refers to Land and then below it a Capital Improved Value.
This below is the snippet from a reply correspondence from the bank application email. This is referring to a property i think was undervalued. Valuer is on holiday till Monday at present.
"I have input the application as $****** representing 80% of the Rates Notice Valuation of the property. Even though the property may be worth more than this given low turnovers @ ******** etc I am not prepared to value it any higher than this."