❓ Mr Marmion questions the Department of Finance regarding reduced land valuations and subsequent land tax implications for properties near the former Ronald McDonald House in York Street. The Minister confirms reduced valuations and a corresponding decrease in land tax revenue.
AnsweredQoN 3969Legislative Assembly
Asked
22 August 2018
Member
Portfolio
Treasurer; Minister for Finance; Energy; Aboriginal Affairs
QuestionView source ↗
(1) Can the Minister advise if the Department of Finance is aware of any reduction in the Valuer General's assessment of the Unimproved Land Value of any properties in York Street in proximity to the former Ronald MacDonald House over the last 12 months? (2) If yes to (1): (a) How many properties in this area, currently subject to Land Tax, are affected by a reduced valuation; (b) What is the likely annual reduction in Land Tax collected by the State Government as a result of these reduced valuations; (c) Has the Department of Finance recently reimbursed any property owners in this area as a result of personal approaches made as a result of a reduction in Unimproved Land Value and if so how much; and (d) Has the Department of Finance estimated the total possible reduction in Land Tax collected per annum as a result of the Valuer General's lower assessment of the Unimproved Land values in this area?
AnswerView source ↗
Answered
9 October 2018
Response time
8 days
(1) Yes
(2) (a) There are 29 properties in the area which have reduced valuations for the 2018-19 assessment year that are currently subject to land tax. These properties include strata lots. For valuation purposes, the Valuer General provides valuations for the parent lot upon which a strata plan exists. Apportioned valuations are then calculated by State Revenue for each individual strata lot that is taxable on the strata plan.
(b) It is estimated the reduced valuations will result in approximately $5,200 in total reduced land tax for the 2018-19 assessment year, where there has been no change in taxable status for the properties concerned.
(c) No
(d) Yes – see answer to 2(b)
(2) (a) There are 29 properties in the area which have reduced valuations for the 2018-19 assessment year that are currently subject to land tax. These properties include strata lots. For valuation purposes, the Valuer General provides valuations for the parent lot upon which a strata plan exists. Apportioned valuations are then calculated by State Revenue for each individual strata lot that is taxable on the strata plan.
(b) It is estimated the reduced valuations will result in approximately $5,200 in total reduced land tax for the 2018-19 assessment year, where there has been no change in taxable status for the properties concerned.
(c) No
(d) Yes – see answer to 2(b)
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