«Whether by way of review through [the Victorian Civil and Administrative Tribunal] or by doing what we do regularly, which is legislation intended to close the gap in what we understand to be is the existing and predictable revenue base of the state,» Mr Pallas said.
«So we’ll look at it and take advice on what the appropriate way through the issue is, but we are concerned. And of course, every taxpayer loses out and the services of the state loses out.»
The GPO is occupied by fast-fashion giant H&M, who pays ISPT $7.2 million in rent annually.
Mr Pallas said land taxes were «under challenge» as a result of the planning tribunal’s decision.
«Additionally, I think it would create a bit of a concern in that heritage listing is seen as devaluing the property intrinsically,» Mr Pallas said.
«Certainly we will look at this and make a judgement on what we need to necessarily do.»
ISPT was approached for comment.
Valuer-General Robert Marsh said on Wednesday that the laws needed updating.
“There’s probably a need for the legislation to change to create more clarity and certainty around the approach to valuation of heritage properties,” he said.
“That was the view my office took and it [the GPO] should be valued accordingly.”
Tribunal members Mark Dwuer and Justine Jacono, who ruled in favour of the $1 valuation, said the rules were «inelegantly drafted», anachronistic and in need of reform.
Property Editor at The Age and BusinessDay journalist for Fairfax’s theage.com.au, smh.com.au, watoday.com.au and brisbanetimes.com.au.
Sumeyya is a reporter for The Age.