MELBOURNE’S biggest ratepayer has won a fight to have its property value lowered so it can save almost $320,000 on its rates bill.
Crown Casino took Melbourne City Council to a tribunal, saying its property was valued almost $240 million too high.
CROWN TO ADD 5-STAR HOTEL TO SOUTHBANK COMPLEX
The city lost the fight at the Victorian Civil and Administrative Tribunal — and nearly $640,000 in the process.
Despite the council lowering its assessment by $112 million, Member Justine Jacono ordered it to reset the valuation to $1.99 billion rather than the original $2.2 billion.
City of Melbourne spokesman Sam Bishop said Crown was one of 1583 objections that the council received this year.
“It is important to note that 78 per cent of these, or 1235 assessments, relate to 63 properties where building owners or managers have objected to valuations of the building, on behalf of their tenants,” Mr Bishop said.
“As part of the budget process, we make provisions for adjustments to valuation as a result of objections.”
He said all ratepayers had the right to object.
Melbourne City councillor Stephen Mayne said big corporations too often challenged their municipal rates.
“Too many big property companies like Crown and Westfield challenge their council rates as a matter of course in the desire to push the overall rate burden on to others with a lower capacity to pay,” Mr Mayne said.
Meanwhile, Crown has announced plans to build a fourth five-star hotel — standing taller than the Eureka Tower — in Queensbridge St, Southbank, in conjunction with the Schiavello Group.
The development is yet to be signed off by the planning minister.