HTML tutorial
Published On: Tue, Apr 3rd, 2012

Land Tax Savings but no Rate Savings with Lower Gold Coast Valuations

The Gold Coast Bulletin is reporting that recent valuations by the Queensland Valuer General might result in reduced  Land Tax owed by some Gold Coast investors but it would not reduce rates over the next 12 months.

Gold Coast land values drop

GOLD Coast property investors look set to get a discount on land tax after the Queensland Valuer-General Neil Bray revealed an 8 per cent drop in official valu-ations for the city. The government land valuations for some suburbs fell further. with Paradise Point going backwards by 14.8 per cent and Runaway Bay fall-ing 13.3 per cent since valuations were last iwued in 2011.

The numbers were a surprise after sales data for the suburbs, reported this week, showed a large jump in the median house price recorded for the two areas last year. Mr Bray said the falling land valuations showed that the Gold Coast property market had contin-ued to struggle last year.

But Gold Coast valuer Tod Gillespie said the official valuations did not mean much and could be challenged by property owners. “these figures are general figures and houses in those suburbs might have dropped less or more than the number released by the govern-ment,” he said “When we do private valuations we go into much more detail.

Property owners can object to the valuations when they receive Skews, they have 45 days” Mr Gillespie said a drop in valu-ations could mean a reduction in land tan bills for some investors. The reduced valuations could also be good news for Gold Coast ratepayers since valuations influence rate prices. City planning boss Ted Shepherd said future rate rises were likely to be reduced by the falling valuations. “It won’t mean there is a reduction in rates but it will influence the size of the increase probably,” he said.

About the Author

- Glenn Batten is the Principal Licensee of First National Real Estate Upper Coomera which provides residential property sales and property management services throughout the Northern Growth Corridor suburbs of Upper Coomera, Coomera, Pimpama, Willow Vale, Ormeau and Oxenford.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Creation Homes at Gainsborough Greens

Recent Comments

  • Lisa Ricourt: I am interested in finding out more about the sale of indivi…
  • John: hey, I would like to get a spot in the new soon to come shop…
  • Sophie: Where is the new shopping centre? Just saw news online but c…
  • Tim Wong: Can I have the location of New Coomera School please?…
  • Wayne Bennett: I hope that there will be a road upgrade done as well. The r…

Subscribe Now !!!

Coomera Investor is a curated real estate news site for articles of interest to current and prospective property owners for the Coomera District of the Gold Coast. Sign up to receive an email when an article is added to the site.