The Department of Environment and Resource Management last week
announced 23 local government areas to be valued in Queensland,
with valuations taking effect on 30 June 2010.
The local government areas to be valued are Balonne, Banana,
Brisbane, Bundaberg, Cassowary Coast, Charters Towers, Cook,
Croydon, Etheridge, Fraser Coast, Gold Coast, Lockyer Valley,
Moreton Bay, Redlands, Rockhampton, Somerset, South Burnett,
Southern Downs, Torres, Townsville, Weipa, Western Dows and
The valuations will be issued early next year, and will reflect
unimproved land values as at 1 October 2009.
There are 35 local government areas which will not be valued in
2010.They are Barcaldine, Barcoo, Blackall-Tambo, Boulia, Bulloo,
Burdekin, Burke, Cairns, Carpentaria, Central Highlands, Cloncurry,
Diamantina, Flinders, Gladstone, Goondiwindi, Gympie, Hinchinbrook,
Ipswich, Isaac, Logan, Longreach, Mackay, Maranoa, McKinlay, Mount
Isa, Murweh, North Burnett, Paroo, Quilpie, Richmond, Scenic Rim,
Sunshine Coast, Tablelands, Toowoomba and Winton.
Under the Valuation of Land Act 1944, the Department of
Environment and Resource Management is required to undertake
valuations at least once every five years. It is not obliged to
issue a valuation every year. If a valuation is not undertaken in a
particular year, the existing valuation will carry over.
In February this year, the Queensland Premier announced that
over half of the areas to be valued in 2010 would have valuations
frozen for 2009, as part of the Queensland Government's plan to
give businesses tax breaks and reduce administration costs in an
effort to provide job security during the global economic
In its media releases, the Queensland Government seems to have
focused on the impact that land valuations have on rates issued by
the local governments, but have made little of arguably the biggest
impact of land valuations - land tax.
It has been estimated that the Queensland Government would
assess over $1 billion in land tax this financial year. Buoying
this figure was the additional $93 million the Queensland Treasurer
estimated would be raised by the 0.5 percent surcharge, announced
by the Government in December last year, for those who hold more
than $5 million of property.
The impact of the 2010 valuations on 2010/2011 land tax
assessments will depend on when the last round of valuations for
each local government area was undertaken, as land tax is assessed
on a three year average of the unimproved values (the relevant
If properties were last valued at the peak of the market in
2007, it is possible that, given the blows that the property market
has taken over the last few years, the current value will have
decreased since that time. Dependent on the value of any valuations
before 2007, this scenario may provide a lower relevant unimproved
value for land tax purposes.
Conversely, 'freezing' valuations could lock in an
unrealistic value, where a fresh valuation might have revealed a
decrease in the unimproved value.
We note that there are strict timeframes for lodging an
objection to land valuations and land tax assessments.
The Council announced planning policies to encourage more inner suburban retirement village and aged care development.
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