Queensland's capital city left out of property valuations in 2018!
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Bryce Melville Rebecca Sheppard Yvette Mason Shona Condon Marieanne Golubinsky Mark Borg Meaghan Brodie Danika Cardon-Smith
PARTNER SENIOR ASSOCIATE ASSOCIATE ASSOCIATE GRADUATE GRADUATE PARALEGAL CLERK
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26 October 2017
Property Developments
Queensland’s capital city left out of property valuations in 2018?
Queensland’s Valuer-General has announced that
new valuations will not be issued for homes in
Brisbane and many other local government areas in
2018.
The decision marks the first time in 8 years that the
Valuer-General will not have the capital city in his
annual Queensland valuations.
Which areas are being valued in 2018?
Only 22 of the State’s 62 rateable local government
areas will be revalued by March 2018. These areas
include the Gold Coast, as well as Banana, Barcoo,
Boulia, Bulloo, Central Highlands, Charters Towers,
Diamantina, Douglas, Frazer Coast, Gladstone,
Goondiwindi, Hinchinbrook, Isaac, Maranoa, Murweh,
Noosa, Paroo, Quilpie, Scenic Rim, Sunshine Coast
and Toowoomba.
Overall, less than 30% of rateable properties across
Queensland will receive new valuations – the
noticeably absent areas are Brisbane, Ipswich, Logan,
Moreton Bay and Townsville.
Statutory requirements for valuations
Valuations are required to be undertaken annually,
unless there are unusual circumstances or insufficient
movement in the market. The primary purpose of these
valuations is to settle State land tax and local
government rates.
What does this mean for rates?
If new valuations are not issued, the most recent
annual valuation will remain effective for rating, land tax
and State land rental purposes until the next valuation
is undertaken.
The Property Council of Australia (PCA) disapproves of
the decision not to value the all local government areas
in 2018 and is of the view that:
• ‘landowners who might be feeling the effects of a
slowing … will be stuck paying land tax and rates
based on valuations issued at the peak …’; and
• major, diverse markets like Brisbane need to be
revalued every year ‘to ensure the tax system
remains fair and equitable.’
Objecting to land valuations
Landowners are only able to object to new valuations.
If they did not object last year and their local
government area is not valued in 2018, there will be no
opportunity to appeal in 2018.
A considerable number of landowners in Brisbane
raised concerns with their valuations in 2015 and 2016
– almost 1,200 in 2016, with 241 of them for properties
over $5 million. Many of these objections are still
working their way through the Independent Chair
Conference process or the Land Court.
Further information
The PCA is continuing to advocate the importance of
valuing every local government area on an annual
basis. We will keep you updated in this regard.
*Disclaimer
The information contained in this update is intended as a guide only.
Professional advice should be sought before applying any of the
information to particular circumstances. While every reasonable care
has been taken in the preparation of this update, MinterEllison does
not accept liability for any errors it may contain.