Each year the Valuer-General issues new land valuations for a number of Local Government Areas (LGAs) in Queensland.
These valuations are used for determining council rates, state land tax and state land rental (for leasehold land) but what a lot of people don’t realise is that they can object to them if they don’t agree with them.
Most recently, the Valuer-General has issued new land valuations for the following 21 LGAs:
Banana, Brisbane, Bundaberg, Burke, Cassowary Coast, Cloncurry, Flinders, Fraser Coast, Gold Coast, Goondiwindi, Hinchinbrook, Livingstone, Mackay, McKinlay, Mount Isa, Richmond, Rockhampton, Scenic Rim, Torres, Townsville and Winton.
The new valuations involve approximately 825,000 properties and are determined as at 1 October 2019. In areas where new valuations have not been issued, the most recent valuation will remain effective until the next valuation is issued.
While the usual reason for objecting to a new valuation would be that it is too high, thereby increasing rates and land tax, an objection can be lodged if the valuation remains unchanged and the owner believes it should have fallen.
Just because the Valuer-General sets a value on a piece of land, it does not mean it is necessarily correct, as reliance on previous valuations will not have taken into account such things as market movements, planning and zoning changes and impact of natural events since the last annual valuation.
To object to an annual valuation, landowners must comply with the requirement of the LVA, which include:
Acceptable grounds of objection include at least one of the following:
The grounds of objection must be accompanied by supporting information, such as specific property sales evidence. Unsubstantiated, generalised or generic objections will not be accepted as grounds for objection.
The Valuer-General recently introduced a computer program which is supposed to achieve relativity among similar types of property for valuation purposes.
The general consensus among valuers is that rather than create parity in valuations of similar properties, some significant anomalies are occurring and the Valuer General is issuing annual valuations based on those anomalies.
Residents of Townsville, for example, should carefully consider the impact of the recent floods on the new valuations. Rural areas generally should also consider what effect recent natural disasters have had on the valuations of properties.
Neil Murphy of Savills has made the following observation in respect to the 2020 valuations:
Hillhouse Legal Partners has considerable experience in:
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.