The State Government has today announced that the proposed
Valuation of Land and Other Legislation Amendment Bill
2010 will be delayed pending further consultation with
industry groups and stakeholders.
The Government has come under increasing pressure from industry
groups to delay the Bill which, if enacted as currently drafted,
changed the method of valuation under the existing legislation
by altering the definition of unimproved value to
include the value of leases, goodwill, profit and
loss and infrastructure charges;
effectively quashed existing appellants' rights as the
altered method of valuation would have applied retrospectively to
all valuations from 30 June 2002; and
increased the level of technical detail required for land
owners to appeal future valuations.
The Bill was initially introduced on 11 February 2010 after the
Queensland Court of Appeal dismissed the Government's appeal in
Chief Executive, Department of Natural Resources and Mines v.
Kent Street Pty Ltd (2009). This case involved the method of
valuation used by the Government at Pacific Fair Shopping Centre on
the Gold Coast.
In its judgment the Court held that the Government's
decision to include the value of all leases and businesses at the
shopping centre as part of the unimproved land value was unlawful
as it was inconsistent with the existing Valuation of Land Act
In effect the Court's decision meant that the unimproved
value of the shopping centre was $47.5 million as opposed to the
Government's initial assessment of $255 million.
In introducing the Bill, Minister Stephen Robertson said that if
the Court's interpretation in the Pacific Fair Case stood, it
would see a 20 per cent reduction in valuations for industrial land
and a 35 per cent reduction in valuations for commercial land.
If applied retrospectively, the new method of valuation under
the Bill would have been used for all new valuations as well as in
determining all existing, unfinalised valuation appeals.
Cooper Grace Ward was named Joint Best Australian Law Firm in
the BRW Client Choice Awards 2009 - Revenue < $50m.
The firm has also been named as the fastest growing law firm in
Australia for 2009 by The Australian.
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