Sydney Morning Herald: Billions "evaporated" only due to loopholes in land assessment
Sydney Today, March 3, Australian Eastern Time. After the NSW government made a challenging formal decision based on the state’s pricing system, the private and commercial properties of wealthy landowners were expropriated millions of dollars. The land tax of RMB yuan and other assessment items have caused the value of its real estate to shrink seriously.
The figures collected by the NSW Valuer General over the past ten years show that the initial valuation disputed with the landowner or the valuation after legal proceedings was taken.
There are more than 500 cases where the price difference exceeds $170 million. The total price difference between these cases is as high as $16 billion. These properties range from the two most expensive streets in Australia-Wunulla Road and Wolseley Road in Point Piper-to the privately owned Sydney Opera House Car Park.
In the case of 55 Wunulla Road, the property owner was Alan Rydge, the chairman of Amalgamated Holdings Limited, a hotel and cinema group. The initial valuation of his property was $1720 million. After an appeal to the Land and Environment Court in 2000, the valuation fell to $950 million.
An apartment building at 128 Wolseley Road was officially valued at $2009 million in 1170, but the value was reduced to $450 million after the owners objected.
The valuation of Sydney Opera House Car Park has fluctuated greatly in the past few years. The 2004 valuation of $2000 million was reduced to $890 million after the Court of Appeal, and the 2007 valuation of $2400 million was reduced to $1540 million.
Another case is Camden Valley Golf Resort. Some directors are senior executives of the Rugby Union. The initial valuation of $6850 million was appealed in 2004, and they managed to reduce it to $600 million.
These data were exposed at a hearing held by the Council to oversee the Valuer General office. These data prompt people to reflect on why the value of land fluctuates so much. NSW Government Appraisal In order to facilitate the collection of land taxes and compulsory land acquisition, the council evaluates the real estate market based on the land appraisal.
When Philip Western of the Valuer General was asked about the price difference at the hearing, he said that sometimes the information about changing the valuation became clear, and the result was not very scientific. Mike Baird of The Treasurer said he is also very concerned about the data. Last week Mr Baird expressed his concerns and confusion about this at the Sydney Institute. “There is no transparency and no consistency in valuation. We need more certainty and transparency.” (Ivy)