Sydney property investor and cattle baron Theo Onisforou has launched legal proceedings against the NSW valuer general after being overcharged land tax on a Surry Hills investment property for more than two decades.
According to The Sydney Morning Herald, the dispute stems from a long-standing error in the property’s assessment, which recorded a 297-square-metre block as 597 square metres.
Onisforou, who purchased the property in 2001 for $1.91 million, says the miscalculation has cost him over $1 million in excess land tax.
“This mistake wasn’t my doing, and yet I’m the one being forced into expensive legal action… I want my $1 million back,” Onisforou said.
The Valuer General revised the property’s 2024 land value from $5.29 million to $3.3 million, though Onisforou maintains the correct value is closer to $2.6 million.
Lawyers for the office argue the court cannot retroactively adjust past tax assessments, potentially requiring separate legal action for previous years.
Onisforou warned, “This should be a warning to everyone not to presume that the land size stated in your annual valuation is correct.”
The case is scheduled for hearing later this year.
Source: Sydney Morning Herald.
