The Valuer-General's annual land valuations were officially released on 8 March 2017. The valuations reflect new property values in affected areas from 1 October 2016. The newly released valuations will apply to local government rating, state land tax and state land rental purposes on and from 30 June 2017.
Over 1 million properties across 28 of Queensland's 62 local government areas will be affected by the new valuations.
As an average, the new valuations reflect an increase in property value of approximately 6% across the Brisbane region. Some suburbs rose by as much as 14%-20%.
You may object if you feel your new property valuations are not reflective of the 'true value' of your land. Objections must be lodged within 60 days of the date of the valuation notice.
To see if you are affected by the new valuations, visit the below link to search your property against the Queensland Government's database.
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This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.