Annual Revaluations of Land in Queensland
For most landowners, local council rates (and land tax for those paying land tax) are about to go up significantly as a result of the new land valuations issued by the Department of Natural Resources and Water ("DNRW"). For example the valuation of Brisbane industrial land has increased by an average of 37%, Brisbane commercial land has increased by 30%, while Brisbane residential land has increased by 17%.
Annual valuations
As you may or may not know, each year the Department of Natural Resources and Water ("DNRW") calculates land values in Queensland unless they are directed otherwise by the Chief Executive Officer.
What happens when a property is valued?
When properties are valued they are given an unimproved value. Without going into too much detail, this value is the amount for which the property could be expected to sell for minus any improvements. Examples of improvements are houses, fences, pools, garages and earthworks.
Essentially, anything that has added value to the property.
When will you receive notification that a valuation has occurred?
You may have already received notification that a valuation has occurred. The DNRW recently released valuations for 59 local government areas that existed prior to any amalgamation of the local councils. These valuations were sent out on 17 March 2008.
When did these valuations become effective?
Any valuation undertaken by the DNRW is effective as at 1 October 2007.
What effect does the recent local government election have on a valuation?
During the recent election, various local government boundaries were altered. Where this has occurred, any valuation on a property will be effective from 30 June 2008.
If you look closely at your notice, you may find that the name of the local government area in which your property was situated on prior to the boundaries being changed will appear on the valuation notice issued by the DNRW.
What local government areas have been valued?
Below is a list of the areas that have been valued in 2008.
| Aramac |
Bungil |
Emerald |
Logan |
Peak Downs |
|
|
| Atherton |
Cairns |
Gayndah |
Mackay |
Perry |
|
|
| Barcaldine |
Caliope |
Gladstone |
Mareeba |
Pittsworth |
|
|
| Bauhinia |
Caloundra |
Gold Coast |
Maroochy |
Roma |
| Beaudesert |
Cambooya |
Goondiwindi |
Maryborough |
Rosalie |
|
|
| Belyando |
Clifton |
Herberton |
Millmerran |
Sarina |
|
|
| Bendemere |
Cooloola |
Hervey Bay |
Mirani |
Tiaro |
|
|
| Biggenden |
Crows nest |
Inglewood |
Miriam Vale |
Toowoomba |
|
|
| Boonah |
Douglas |
Ipswich |
Monto |
Waggamba |
|
|
| Booringa |
Duaringa |
Jericho |
Mundubbera |
Warroo |
|
|
| Brisbane |
Eacham |
Jondaryan |
Nebo |
Woocoo |
|
|
| Broadsound |
Eidsvold |
Kilkivan |
Noosa |
|
|
|
If you wish to view the sales valuation data of the above areas, we suggest that you look at the following link:
http://www.nrw.qld.gov.au/property/valuations/tables/index.php
What do I do if I disagree with the unimproved value given to my land?
Don't panic! An avenue of review is available to you if you feel that your property has been incorrectly valued. If this is the case, then you will need to be able to substantiate your claim by providing evidence to support it. The evidence the DNRW is referring to is evidence
showing the recent sale value of vacant or near vacant land in close proximity to your property. Of course, these sales will need to have taken place close to the valuation date shown on your notice.
If you are able to obtain this information then you will need to complete and lodge a Form 58 Objection Form with the DNRW.
How long do I have to object to a valuation?
You have 45 days from the posting of the valuation notice/s. We calculate this date to be 1 May 2008.
How can we help you?
We can help you complete the notice of objection and assist you with any valuation conference after you have lodged your objection, or with any appeal from the decision on your objection. We can also assist you in getting expert valuation advice to help frame the grounds of your objection.
Please feel free to contact either Matthew Rollason or Keith Carl to discuss the lodgement of an objection if you are dissatisfied with the new valuation of your land and think your property has been incorrectly valued.
Please find a print friendly version of this newsletter update below
