Investment property owners in Victoria are receiving 2017 SRO Land Tax Assessment Notices which, in relation to some properties, have doubled or tripled the amount of land tax to be paid.
These unexpectedly high assessments have shocked and appalled investment property owners. The impact of these assessments is far reaching. Land owners faced with increased assessments may not have the budget to accommodate the rise in liability. This is especially so for owners of investment properties which are subject to retail leases, because generally land tax is payable by the landlord/owner and cannot be recovered from the tenant.
There is something you can do.
The SRO has issued its assessments on the basis that Victorian properties are revalued every two years. The SRO states that land tax payable is calculated using the latest site valuation.
If you are a Victorian property owner, you should be asking:
- Where is a copy of latest site valuation for my investment property?
- How has my investment property been valued and is it fair?
If you want answers to these questions, or want to do challenge your assessment, please contact Daniel Hirsh or Nechama Zwier by emailing email@example.com