Land Valuations
Usually, land valuations are conducted annually to accurately reflect the market as of January 1st of the same year. These evaluations are primarily for rates and land tax purposes. However, there are some circumstances that require independent land valuers in Melbourne.
Any independent land valuation in Melbourne must be conducted by land valuers that are qualified. The best way to ensure you have the right person for the job is to employ a land valuer that has been either certified or accredited by the Australian Property Institute (API).
Independent land valuations in VIC are normally done for duty tax purposes. Stamp Duty, often referred to as land transfer duty tax is paid whenever you acquire property, this includes when:
- You are given property as a gift - either through a related party transfer or other situation
- You purchase property from a friend, an associated person, or an associated entity
- You purchase property at a discounted price or for some form of non-monetary consideration
- Your purchase involves a fractional interest in property
- You purchase property in connection with a business for a total sum of more than $1 million
- The purchase price of your property is equal to or less than the property’s current capital improved value for rating purposes
The valuation of the land reports on the current property value. It is important to note that there are instances when the valuation needs to determine and report on the value of the property and its highest and best use rather than the current use of the property.
Land valuers must use the correct methodology and provide a transparent report that contains all information, assumptions and data that was used to value the property. The valuation report must also comply with the practices and standards that have been set by the API and the International Valuations Council. It must also be accepted by the commissioner.
Land Valuations in Victoria
If you’re after a land valuation in VIC, Valuations VIC can help. Our team of property valuers, each with over 20 years of experience as API Certified Practising Valuers (CPVs) and many holding AVI and RICS qualifications, have the qualifications, experience, and expertise to determine the best methods for your valuation. Typically, land valuation methods used by our experts include:
- The Direct Comparison Method
- Income Capitalisation Method
- Hypothetical Development Method
- Replacement Cost Method
For more information or advice from one of our land valuers in Melbourne, contact our office. If you are interested in a valuation of home and land, we also offer a residential property valuation.
One of our helpful staff members can assist with all enquiries and can even provide a free instant quote. Reach us via our online contact form or call us at (03) 9021 2009.