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Rateable Value

Discussion in 'Real Estate' started by JudgeDreadz, 12th Jul, 2010.

  1. JudgeDreadz

    JudgeDreadz Well-Known Member

    Joined:
    25th Mar, 2009
    Posts:
    109
    Location:
    Sydney
    I had a go at googling this but I can't find any Australian resources for this, so I went to the best Australian resource I know for most thing (you guys :) )

    So I recently got a Rate Notice from my council. I noticed a column that said "Rateable Value"

    What does this actually mean? From what I have been reading, it has something to do with the land value of my property?
     
  2. Paul Dobson

    Paul Dobson Member

    Joined:
    22nd Mar, 2007
    Posts:
    8
    Location:
    Fingal Bay, NSW
    Hi Judge

    The "rateable value" is a Valuer General's valuation of your land. This "VG" or "rateable value" is used by your local council to calculate your council rates. A quote from the Valuer General's site goes:

    "The Valuer General has a statutory responsibility to provide fair and accurate land valuations for rating and taxing purposes, to determine compensation following the compulsory acquisition of land and to provide specialist valuation and property advice to government and the public."

    You can read all about it at:
    Valuation - Land and Property Management Authority

    Cheers, Paul

    Paul & Karen Dobson
    Welcome to the JV Property Partners
    Unheard of returns from residential real estate.
    Phone: 0447 973 235
     
  3. JudgeDreadz

    JudgeDreadz Well-Known Member

    Joined:
    25th Mar, 2009
    Posts:
    109
    Location:
    Sydney
    many thanks Paul =)