New land valuations for Queensland

Stafford Hopewell, Partner, Brisbane
 
New statutory land valuations, which will be used for land tax and local government rates, have been issued by the Queensland government for more than 1.6 million properties.  Landowners have a limited time to review and object against the new valuations in order to potentially secure substantial savings in land tax and rates.
Annual valuations
Annual land valuations are issued by the Valuer General under the Land Valuation Act 2010.  Landowners have a 60 day period in which to lodge objections against the new valuations.
In general terms, the valuations are required to assess the market value of land assuming the land is vacant.  There are two types of valuations under the Act being site value for non-rural land and unimproved value for rural land.  In both cases the value of land is required to be based on market evidence of what the land would sell for.
Land tax and rates
The annual statutory valuations are important for land owners as the new valuations, which take effect on 30 June 2012, form the basis for assessing land tax, local government rates and State land rental.  Excessive valuations result in land owners having to pay higher taxes and charges, so reductions in valuations can provide significant financial savings.
Action
Land owners should review carefully the new valuations to consider whether these reflect market conditions and sales evidence.
Yes

 


This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.