With the property market beginning to show signs of a correction a lot of property owners will still be burdened by high land tax assessments. The averaging system that the governments uses over a three year period provides a better outcome for collecting tax however, in a downward market with returns and values falling the average value is only partially affected.
If we consider the last three years of growing prices in property when the market values start to fall your next assessment is of vital importance in future tax assessments. The government valuers have ensured that their assessment for rating and tax purposes has been current and up to date, will the same be said as the market begins to fall.
Taxation on property and property holdings an ongoing burden on the property investor and ensuring that valuations are current and accurate may save thousands of dollars in the next market phase.