Tuesday, September 02, 2003

$140 a year for a block in millionaires' row: "It was one of the great giveaways of the postwar era, as the State Government balloted off hundreds of blocks of land in perpetuity for low annual rentals to get first-home buyers started. Fifty years on, the blocks carry peppercorn rents of $140 a year, which in some cases is far below the original rental, and they are bought and sold as if they were freehold. These days, the rent barely covers the cost to the Government of administering the leases."

Capital and annual site values should be reassessed annually and charged accordingly. With computer assisted mass appraisal this is more than possible.

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