Land valuations are issued annually by the Valuer-General in accordance with the Land Valuation Act 2010, and cover all rateable properties in Queensland. Issued prior to 31st March each year, the valuations are chiefly used to assess and calculate the council rates applicable for the property, however they are also used for the calculation of state land tax and land rental (for leasehold land).
In order to determine the land value, many factors are considered by the valuer, including but not limited to:
- Taking into account the general status of the property market;
- Peruse the sales history and examine any observable trends in each particular land use category (for example, residential, commercial, industrial and rural);
- A physical inspection of properties which are either vacant or have recently been sold (including those which have been lightly improved);
- Characteristics of an individual piece of land including any limitations on its use or particular physical features.
It is likely that the valuer will also take into account how the property is zoned and its present use to arrive at the valuation amount.
If you own land in Queensland, you may have already received your updated Land Valuation, which will take effect on 30 June 2016. If you disagree with the valuation of your land, then it is important that you are aware that you must lodge an objection within sixty (60) days of the notice being issued with the Department of Natural Resources and Mines.
The Land Valuation Act 2010 sets out specific information which must be provided in support of your objection, and your objection must also include reasons why you believe the valuation is incorrect.
Appropriate grounds to object to your valuation can include:
- a contention that the valuation methodology used was incorrect (for example if your land is rural and the method for valuing residential land was used instead (site value); or
- you have evidence of comparable property sales and you can explain how these properties/characteristics of these properties relate to your piece of land.
You must ensure that your objection is accompanied by supporting documentation and be specific enough to ensure that you are in compliance with the relevant requirements under the Land Valuation Act 2010. The time limit for lodging your objection is strictly adhered to (barring an extraordinary emergency) and if lodged outside the timeframe, it is likely that it will be immediately rejected. Please be aware that if your objection is dismissed or fails to be resolved, then it follows that you will lose your right to bring the matter before the Land Court to appeal the valuation.
If you have any queries about your recent land valuation, or any other issue pertaining to your property, then please contact one of our friendly Gold Coast property lawyers today on 07 5563 8970.