Review of Section 2 8 and 2 9 of Valuation of Land Act 1960

Review of Section 2(8) and 2(9) of Valuation of Land Act 1960The Property Council is lodging a submission to the State Government on the assessment of Site Value (SV) for heritage registered properties, in response to a review of Sections 2(8) and 2(9) of the Valuation of Land Act.Earlier this year, Valuer General Victoria (VGV) released a position paper which cited a number of concerns around the assessment of heritage impacted lands due to varying interpretations of provisions contained in the Act. To amend these, the VGV proposed a solution of prescribing the SV as a multiple of the Net Annual Value.In our feedback to the VGV, the Property Council has strongly objected to this proposal, which will unfairly impact on the amount of tax and rates that owners of heritage properties pay, as well as their right to object to potentially erroneous valuations. If you would like more information about the Property Council’s response, please contact Sandra Qian, Policy Advisor on 96 8300.