Posted: March 29th, 2015

You have been engaged by an individual property owner to assess the correct level of value as it impacts on both municipal rates and land tax for the subject property (assuming land tax has to be paid). The subject property chosen must be located in Victoria, Australia and be a property that you can obtain the latest rating information on. Your specific Instructions are to: (a) Advise on the recent trends in the surrounding residential market within which the property is located. (b) Advise on the correct value of the property for rating and land tax purposes at the relevant valuation date. (c) Provide a written report to the property owner advising all of the owners options in objecting to the respective values

The purpose of this assignment is to allow each student to gain a better understanding of undertaking a valuation for rating and land tax purposes.
The assignment is based on the scenario that the owner is in a position to object to your most recent property valuations for rating purposes.

You are required to produce a report based on the valuation of a residential property. The scenario for this assessment task is as follows:
You have been engaged by an individual property owner to assess the correct level of value as it impacts on both municipal rates and land tax for the subject property (assuming land tax has to be paid). The subject property chosen must be located in Victoria, Australia and be a property that you can obtain the latest rating information on.
Your specific Instructions are to:
(a) Advise on the recent trends in the surrounding residential market within which the property is located.
(b) Advise on the correct value of the property for rating and land tax purposes at the relevant valuation date.
(c) Provide a written report to the property owner advising all of the owners options in objecting to the respective values.
Regardless of your conclusions, it is important that you outline all of the future objection options available to the land owner under the current legislation.

The owner argues that the assessments’ completed by the Council’s valuer was incorrect, and your task is to interpret the market and legislation as you see it. You must value the land in accordance with the relevant legislation in the state of Victoria. (Valuation of Land Act 1960 and its amendments in Victoria), other than the assumption as to timing of objections.

A minimum of five (5) comparable sales for each value must be obtained from the relevant sources, which are then briefly described and compared to the subject property.
Pick the best properties that are most comparable and make sure that they bracket yours. (inferior, slightly inferior, comparable, slightly superior, superior).

Your report should be addressed to the existing owner and include as much supporting evidence as deemed necessary to support your evidence, conclusions, advice. It should be a stand-alone report and explain the reasons supporting your argument.

Please note – It is essential that you can access a current rates notice (within the last 12 months) to complete this assignment. You must attach the notice at the Appendices of the report.

Contents of the report must include:

Executive Summary – which includes the instructions, property description, Valuation Advice, Limitations, Capital Improved Value, Site Value and Net Annual Value.

Introduction

Title and Property Particulars

Market Commentary – which includes a Residential Market Overview, Demographic Overview of the chosen suburb and a Local Market Overview.

Valuation Methodology – which will include the Capital Improved Value, Site Value, Council Rates and Valuation Notice.

Conclusion and Advice

References

Appendices

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