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What’s your land worth? The 2015-16 land valuation notices are out.

Annual land values are assessed as at 1 October, with notices issued before 31 March of the following year. The new valuations take effect for local government rating or state land tax purposes (where applicable) on 30 June in the year the notice is issued.

The land valuations for 2015-16 have been issued. First Asset Management is aware that in some cases land values have risen by as much as 150–200 per cent, especially in areas that have become residential unit hotspots.

A change in land valuation has a direct impact on local government rate charges and state land tax. If you think the change in valuation is unwarranted, you have until 3 May 2016 to lodge an appeal. First Asset Management has retained the services of Stuart Cameron of Crisp Valuers to assist with any appeals.

Should you need any advice or support, contact your Asset Manager or any other member of the First Asset Management team.