After extensive and successful lobbying from various industry
organisations, the State has agreed to a number of significant
amendments to the Valuation of Land and Other Legislation Amendment
Bill 2010. The amended Bill as passed commenced on 12 March
The amendments made to the Bill address many of the concerns
raised in our paper A Radical Change to Queensland's Rating and
Land Tax System.
Significantly, the State has committed to a full review of
Queensland's valuation system in time for the release of the
2011 valuations in March next year. As part of that review, the
State has signalled a move to site valuations rather than
unimproved valuations. This would bring Queensland in line with
many of the other Australian states.
The Bill as passed continues to provide for the value of
goodwill, leases, infrastructure credits and development premium in
the unimproved valuation of land. It will only apply to the 2010
valuations and to any existing appeals not resolved by 30 June
2010. A sunset clause has been included so that the Bill as passed
will not apply to subsequent valuations.
Land valuations for 2010 are expected to be issued by the
Queensland Government on 22 March 2010. The local government areas
affected 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 Whitsunday.
Even though the Bill as passed applies to 2010 valuations, it is
anticipated that these valuations will generally be lower than
previous years, reflecting the impact of the global financial
crisis on the property industry. For those local government areas
last valued in 2007, there is expected to be a reduction in
valuations. For example, commercial values in Brisbane and on the
Gold Coast are expected to reduce by about 7 percent and 16 percent
respectively, with properties in the CBD expected to decrease by
about 15 percent. Properties in local government areas that have
not been valued since around 2004, however, are likely to
experience increase in valuations. For example, commercial values
in Redlands are expected to increase by about 60 percent.
The Bill as passed has significantly changed the process for
objecting to valuations. This more onerous process will apply for
objections made for 2010 valuations. While an owner will still have
45 days after the date the valuation is issued to lodge an
objection, the extent of material required to support an objection
has increased dramatically. Any objection that does not meet the
new requirements is likely to be treated by the Department as not
being "properly made".
For more information about the review to the State's
valuation system or for help to prepare objections to the 2010
valuations, please contact HopgoodGanim's Planning and
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