Rating and Taxation Flashcards Preview

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Flashcards in Rating and Taxation Deck (11)
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1
Q

What is not rateable land?

A

Crown land
Land used for charitable purposes
Land used for religious purposes
Land used exclusively for mining purposes
Land used for RSL or Airforce

2
Q

What is the site value?

A

Vacant market value of land unencumbered by any lease, mortgage or charge

3
Q

What is the capital improved value?

A

Market value of the property unencumbered by any lease, mortgage or charge

4
Q

What is the estimated annual value?

A

The gross rental which the land would be expected to be leased for from year to year, less tenant rates, taxed and expenses

5
Q

What is the net annual value?

A

Whichever is greater of 5% of CIV or the EAV

6
Q

What is the date that the rating valuations are done?

A

They are as at 1st January each year

7
Q

How are non-conforming uses asses when it comes to rating and taxation vals? Eg. industrial factory in residential zone

A

The site value will be assessed as residential land

8
Q

What is a supplementary valuation?

A

It is an updated valuation of a property for rating purposes whos valuation was previously set at the relevant date.

9
Q

What are the reasons for supplementary valuations

A

Whenever something is triggered, a supplementary valuation will take place (change in zonings, building permits):
- Land that should be included is not (subdivision, consolidation)
- Valuation is altered by the approval of a planning scheme
- Value altered through physical changes to improvements

10
Q

What are the grounds for objection?

A

Value is too low or too high
Apportionment of interest or valuation is incorrect
Lands that should have been included together have been done seperate
Lands that should been seperate have been done together
Wrong person named on the notice
Area, dimensions, or description is incorrect

11
Q

Objection process

A

Objector to lodge objection within 2 months
Authority valuer has 4 months to either agree or disagree and recommend to VG
The VG within 2 months shall serve notice as to whether they agree or disagree
If VG disagrees, objector has 1 month to say they want to take it to VCAT