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Real estate assets
Real Estate/Business type descriptions
Dwelling definitions may change from state to state and from council to council.
Table 1: this table contains general definitions to assist with coding properties on the real estate screens.
Real Estate/Business Type | Description |
House (HSE) | House on land up to 2 hectares. The buyer owns the home and land. Single, stand alone, detached dwellings. 2 hectares or less, usually a single title. |
Townhouse (THS) | A self-contained property sometimes attached and sometimes freestanding, within a complex of 3 or more dwellings. The buyer owns the dwelling but shares ownership of the land and common property with other owners in the complex (strata-titled). Usually there is a small outdoor space. Usually a single title. |
Self-contained flat (SCF) | Self-contained flat or a secondary dwelling is a self-contained unit of accommodation with a cooking area, bathroom and toilet for the exclusive use of the people living in it. If the occupiers need to leave the unit to gain access to any one of these amenities it is not self-contained. It is located within, attached to or separate from another dwelling on the same title. |
Unit (UNT) | A unit/flat is any dwelling which is used as living quarters. It is a self-contained type of residential real estate, that occupies only part of a building. The individual unit/flat may have its own title (meaning the individual unit/flat can be sold on its own) or the building/complex of multiple units/flats may be on one title. (which means individual units/flats cannot be sold on their own, the building is sold as a whole). The owner may also have a separate title for a car park/car space. |
Retail premises (RET) | A premise where there is a point of sale of retail goods or retail services. For example, hairdressers, clothing shop, Tile shop, small engine service shop, café takeaway. Usually, smaller urban size blocks of land, usually single titles. |
Commercial premises (CMP) | Buildings or land intended to generate profit. May be larger than retail premises, can include offices, retail complexes, restaurants, bars, hotels, warehouses etc. Tenants are generally businesses looking for retail space. Can be any size block of land, can have multiple lots on one title or multiple titles. |
Industrial premises (IDP) | A property used for the actual manufacturing of something, it is usually a factory or a plant. Can be on any size block of land, can have multiple lots on one title or multiple titles. |
Home block (HMB) | Home block on greater than 2 hectares: may also be referred to as acreage blocks, not being used for the purpose of producing an income. Usually, 2 to 50 hectares, can have multiple lots on one title or multiple titles. |
Vacant (VAC) | A block of land that is void of any structures. Can be used for any reason. For example, grazing livestock, building a home, can be any size, can have multiple lots on one title or multiple titles. |
Hobby farm (HBF) | May also be referred to as a lifestyle farm. It is a small rural holding, consisting of land, some livestock and family home, it is not expected to be the primary source of income. Usually, 2 to 50 hectares, can have multiple lots on one title or multiple titles. |
Market Garden (MGD) | A relatively small-scale production of fruits, vegetables and flowers as cash crops, frequently sold directly to consumers, on the fringes of big towns or cities. Usually, 50 hectares or less. Can have multiple lots on one title or multiple titles. |
Farm (FRM) | Any area of land and the buildings on it, including a farmhouse, used for growing crops and/or keeping animals. It is the primary income producer, the primary source of income. Can be any size. Can have multiple lots on one title or multiple titles. A larger size farm will usually have multiple lots on multiple titles. |
Bush block (BHB) | Bush blocks are privately owned properties that support remnant native vegetation and support animals considered to be indigenous to the local area. Undeveloped. Can be any size, can have multiple lots on one title or multiple titles. |
Duplex | A duplex, or semi-detached, is a type of residential home that has two units divided by a common central wall. These dual units can be on one piece of land with a sole owner and a single title who sells them together, or they can each exist on separate titles and be owned and sold as individual units. |
Examples of rental income and house & curtilage assessment
Table 2
Item | Description |
1 | Example of assessment of rental income A house which is mortgaged for $10,000 at 11% per annum is let for $100.00 per week: Gross rent $5,200 (Gross Annual Income $) Allow 1/3 for expenses - $1,734 (Allowable Income Dedns $ pa) Note: only apply the 'one third rule' if the property has been recently purchased. In all other cases, customers must provide either a tax return or a profit and loss statement. Net rent = $3,466 Deduct interest on mortgage ($10,000 @ 11%) from net rent - $1,100 (Annual interest $) This gives the assessable income = $2,366 (This will show under Net Income on REBS) If a property in which the customer has a life interest is rented out, the income is assessed as above if the person is required under the terms of the will to maintain the property and pay all the running expenses. If the customer only has the right to occupy a property, they are not automatically entitled to income from rent. It will depend upon the actual terms of the bequest. Check before any reassessment of the pension or benefit entitlement is made. |
2 | Examples of house and curtilage assessments - Private Land Use test: If the customer's home comprises of a one hectare block with a second adjoining block of one hectare, which is on a separate title, the house and curtilage allowed is one hectare only and not a maximum of 2 hectares. If the current market value of the whole property is $750,000 and the house and curtilage value is $500,000, the assessable value of the second one hectare block is $250,000
- Extended Land Use test: If the customer's home property comprises a 6 hectare block on a single title, with a total value of $600,000, the whole property may be exempt if they satisfy the 'extended land use test.' In this case, the current market value and the house and curtilage value will be the same amount and there is no assessable real estate amount
- Private Land Use test: Using the previous example, if the customer does not satisfy the 'extended land use test' a total of 2 hectares only can be exempted if they satisfy the private land use test. If the value of the house and curtilage of 2 hectares is $400,000 the assessable value of the remainder of the property will be $200,000
|
3 | Examples of coding multiple titles - Where the customer owns one property and it is held under a single title document, even where there are multiple lots included on the one title document, the property is coded as one entry on REBS with the ‘Multiple titles’ field coded as No
- If the above example is the customer’s principal home, the current market value will be the estimate provided for the whole property (the house and all the land on all the one title) and the house and curtilage field will be coded with the estimated value of the house and the relevant curtilage
That is:
Private land use: the house and 2 hectares only (this value should be less than the current market value for the whole property)
or
Extended land use: the house and all the land on the same title as the house. (This value would be the same as the current market value for the whole property)
- Where the customer owns one property (For example, one address) made up of multiple adjoining titles, the property will be coded as one entry on REBS with the ‘Multiple titles’ field coded as Yes
- If the above example is the customer’s principal home, the current market value will be the estimate provided for the whole property (the house and all the land on all the titles) and the house and curtilage field will be coded with the estimated value of the house and the relevant curtilage on the same title as the home
That is:
Private land use: the house and 2 hectares only that is on the same title (this value should be less than the current market value for the whole property)
or
Extended land use: the house and all the land on the same title as the house. (This value would be less than the current market value for the whole property)
- Where the customer owns adjoining blocks of land and each block has a different address and a separate title, the separate properties will be coded as separate entries on REBS
|
4 | Example of assessment of income from bush block/vacant land owned by a customer The customer owns a bush block that is separate to their principal home, that is: - it is located at a different address, and
- is not adjacent to the principal home
The current market value is $80,000 and there is no mortgage or loan against the property. A small portion of the block is leased to a telecommunications company who constructed a tower on it. The telecommunications company pay an annual amount of $10,000 to the customer for the right to lease the portion of land. The customer does not have an income tax return, therefore allow 1/3 for expenses = $3,333. (Note: if the customer has an income tax return, code the expenses as shown on the tax return). Net income = $6,667. The customer must tell the agency if the income amount changes (up or down) as this may affect the rate of payment they receive. |
Council rates notice and Lands Title reference coding examples
- If the customer has provided a Lands Title reference use this on the RE screen. If not, a rates notice may contain details that will help with the exact location and identification of the property
- The information on a council rates notice varies from council to council across each state and territory. Not all notices have a lands title number or property reference
- Some rates notices will have a property or valuation number. Do not mistake this for the lands title reference number. Generally, these numbers are an internal number the council assign to the property for billing purposes. (TAS and SA are the exception)
State | Examples of details on Council rates notice | Lands Titles reference/s field on REBI screen |
ACT | Example 1: Notice date: 8 June 2023 Account number: 412263987 Property location: 1/15 Tow Rise, O'Malley Section: 34, Block 7, Unit 1 Example 2: Suburb: Hackett Section: 2 Block: 8 Property Address: 250 High St | Sect 34 Block 7 Unit 1
Sect 2 Block 8 |
NSW | Property Details 10/90 High Street Epping Lot 20 PS 88766 | L20 PS887766 |
NT | Example 1: Property Location and Description 9 Sample St Tennant Creek NT 0861 Lot 1169 CUFT S62/104D Example 2: Property Location and Description 20 Peter Road, LIVINGSTONE 0822 Hun: 695 LTO: 82014 P:00050 | L1169 S62/104D
Hun695 LTO82014 P00050 |
QLD | Property Details 9 Makeup St, Palmerston Lot: 12345 | Plan: 590 Valuation Date: 01/07/2022 Valuation Number: 59012345 Capital Value: $250,000 | L12345 Plan 590 |
SA | Property Details 1 Sample Street PORT AUGUSTA SA 5700 Valuation Number: 6616123456 Capital Value: $165,000 | 6616123456 South Australia use Valuation Numbers |
TAS | Rating Details 52 Smith St Hobart TAS 7000 Property Number: 7652519 | 7652519 Tasmania use Property Numbers |
VIC | Example 1: Property location 1 Council Road DONCASTER VIC 3109 Lot 1 LP 1234 Vol 1234 Fol 567 AVPCC: 110 - Detached Dwelling Example 2: Location and Description Greenhill Lake Road Green Town VIC 3350 Land Area: 89.394Ha Property Details: 28-1A\PP2680, 1B-1A/PP2680, 2-5/PP2680 | L1 LP1234
28-1A\PP2680, 1B-1A/PP2680, 2-5/PP2680 |
WA | Example 1: Property address: 1/23 Officer Terrace DUDLEY PARK SL: 1 SP:17 Example 2: Description of rated land: 22 William Road, BALDIVIS WA 6171 LOT: 465 DP: 400943 | SL1 SP17
L465 DP400943 |
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