LAND TAX VALUES

Current economic conditions may have seen a decline in the market value of land recently. However, many landowners have encountered increases to the notified value of their properties over the past several years, resulting in inflated land tax assessments.

There have been recent successes by some landowners in the lodgement of objections resulting in reduced land values, thus generating land tax refunds.

Due to the operation of the land value averaging system, a reduction in value in one year, can lead to a reduction in the land tax assessed in future years.

Landowners should consider if the current notified value of land reflects the current market value. If not, contact CIB to discuss the possibility of lodging an objection.