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Land valuations program accurately reflects market
13 October 2017
A comprehensive analysis of Queensland’s property market has determined that landowners in 22 of Queensland’s 62 rateable local government areas (LGAs) will receive new land valuations in March 2018.
Queensland’s independent Valuer-General Neil Bray said State Valuation Service valuers undertake an annual property market survey of each LGA in Queensland to determine which LGAs should be revalued.
“The decision not to undertake a revaluation for LGAs such as Brisbane, Townsville, Logan and Ipswich was made following consultation with those councils, stakeholders and industry representatives, and consideration of the property market survey report,” Mr Bray said.
“Valuers research the property market, examine trends and sales information for each land use category and inspect vacant or lightly improved properties that have recently been sold.
“The property market survey reports for those LGAs not being revalued showed minimal movement across most market segments. In Brisbane, for example, there were some small pockets that showed some change, however overall the changes did not justify inclusion in the annual valuation program.”
Mr Bray said it was important to understand that while land values were assessed annually, not every LGA was included in the annual program.
“Valuations are issued annually across the state, except in unusual circumstances or where it is determined there has been insufficient market movement in a local government area to warrant an annual valuation being issued,” Mr Bray said.
“Other issues considered include the impact of natural events, the state of the economy, the effects of mining, planning and zoning changes, commodity prices and population growth.
“It is neither unusual, nor unprecedented, for LGAs such as Brisbane, Townsville, Logan and Ipswich not to be included in the land valuations program.
“For example, this will be third time since 2006 that Brisbane has not been revalued –2006 and 2009 being the other years when annual land valuations were not issued. Since 2010 Townsville, Logan City and Ipswich City LGAs were not revalued in 2014 and 2016.
“In LGAs where new valuations are not issued in 2018, the most recent annual valuation will remain effective for rating, land tax and state land rental purposes until the next valuation is undertaken.”
Mr Bray said landowners could have confidence in the accuracy and integrity of Queensland’s land valuations system.
“Queensland’s land valuation system is an open and transparent process carried out in strict accordance with the Land Valuation Act 2010.
“Landowners who disagree with their valuation and wish to have it reviewed, have 60 days from the date of issue of their land valuation to object.
“Significantly, Queensland has a historically low rate of objections with a five year average of less than 0.3per cent of notices issued to landowners been subject to an objection.
“All objections received are reviewed by experienced departmental officers and landowners who lodge objections are advised in writing of the outcome. Landowners who are dissatisfied with the outcome can lodge an appeal with the Land Court within 60 days of the receipt of the objection decision.”
Contact: Brad Muir
Phone: (07) 3199 8253