Unlock the savings part 3 12 Feb 2019 - Investment Tips
Due to popular demand and terrific owners feedback, we continue to part 3 of our “Unlock the Savings” series. This week’s tip for unlocking the savings on your investment property, is about Council rate notices and making sure your property is correctly categorised.
Council rate notices are sent our every 6 months, how much you pay for council rates depends on the categorisation of your property. The categorisation is decided by how you use your property (i.e. owner occupier, long term letting and short term letting), the size of your property and how many levels.
Always check your rate category and ensure your property is correctly categorised. Owner occupier is categorised as class 1; long term letting class 2 and short term letting class 3.
If your property is incorrectly categorised as holiday letting when you are renting the property long term, then you could save approximately $500 to $1000 in rate notice in a year by changing your categorisation. You will need to supply evidence of long-term letting, such as a copy of lease. This may also be applied retrospectively if you have previously rented your property long term.
Speak with a property manager at Gold Coast Property Expo to find out if you are eligible for savings on your Council rate. Our property manager can assist in lodging a notice of objection to categorisation on your behalf.
To find out if you are eligible for savings on your Council rate, email your name and property address to firstname.lastname@example.org for a complimentary assessment.