Valuation of Land Act Submission
The Property Council has provided a submission to the Victorian Valuer General’s review on the method of determining the site value of properties listed on the Victorian Heritage Register.
The response follows the release of a discussion paper which cited a number of concerns around the assessment of heritage impacted lands due to varying interpretations of provisions contained in the Act.
The solution proposed by the Valuer General will greatly increase land tax payable on many Heritage Registered properties by assuming the site value of a property is five times its Net Annual Value.
The Property Council believes the proposed methodology is flawed and will have a negative impact on the investment and preservation of heritage property. Our submission outlines our serious concerns regarding the short and long term impact of the proposed change which seeks to generate greater revenue from the burden placed on owners of heritage property without recognition of the public benefit (including a contribution to Melbourne's 'livability' and tourism) that those property owners provide.
Our submission can be downloaded from the link below.