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 OZschwitz: Billions at stake as unjust land valuation system comes under fire

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RR Phantom

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OZschwitz: Billions at stake as unjust land valuation system comes under fire Vide
PostSubject: OZschwitz: Billions at stake as unjust land valuation system comes under fire   OZschwitz: Billions at stake as unjust land valuation system comes under fire Icon_minitimeWed Mar 28, 2012 2:06 am
WEALTHY landowners are having their private and commercial property values reduced by billions of dollars for land tax and rating purposes after challenging official decisions, prompting concerns from the NSW government about the state's valuation system.

OZschwitz: Billions at stake as unjust land valuation system comes under fire Ipad-art-wide-1_LandValues-420x0

Figures compiled by the NSW Valuer General for the past decade show more than 170 cases where there was a variation of more than $5 million between the initial valuation and the valuation after landowners objected or took court action. The total difference between valuations for these cases is about $1.6 billion.

The properties range from land in two of Australia's most expensive streets - Wunulla Road and Wolseley Road at Point Piper - to the privately owned Sydney Opera House Car Park.

http://smh.domain.com.au/real-estate-news/billions-at-stake-as-land-valuation-system-comes-under-fire-20120327-1vwnk.html
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OZschwitz: Billions at stake as unjust land valuation system comes under fire

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