New Queensland valuation system

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Minister for Natural Resources, Mines and Energy and Minister for Trade The Honourable Stephen Robertson has announced a new era for land valuations in Queensland.

The State Government has moved to strengthen the delivery of statutory land valuations in Queensland, with the introduction of the Land Valuation Bill 2010. Minister for Natural Resources, Mines and Energy and Minister for Trade, Stephen Robertson said the Bill would, subject to passing parliamentary processes, change the way valuations were assessed in Queensland.
“It’s time we moved to a valuation methodology which is more reflective of the market value of land and is in line with the approach in other Australian jurisdictions,” Mr Robertson said. “These reforms are about modernising the valuations system in Queensland and introducing a simpler, more equitable process for assessing non-rural land.”

Mr Robertson said under the Bill, valuations for non-rural land would be assessed on site value from 2011. “Since 1944 unimproved value has been the methodology used as the basis to assess a valuation for all land in Queensland,” he said. “However as the state becomes more developed, there is decreasing knowledge of what land was like in its original condition and this has made the task of determining unimproved value more difficult as time goes on.

“The new site value assessment will take into account the value of any improvements which have been made to the land, which may include filling, clearing and drainage works. “The Queensland Government is committed to making the new land valuations process run as smoothly as possible. “That is why 25 new staff have been employed and a further six are in the process of being employed to support the valuations for 2011.

“A Valuer-General has also been appointed to manage the reforms and to provide transparency in the assessment and issuing of valuations.” Mr Robertson said landowners would be advised of their new valuations in March next year and most would see very little difference in their new valuation. “When the next Valuation Notices are issued, 95 per cent of residential properties, other than land with extensive site works, will not be significantly affected by the change in valuation methods,” he said.

“For example, land that has been cleared and levelled to allow the construction of a building will experience little, if any, difference in value other than through normal market movement.”
Mr Robertson said there would be no change to the valuation methodology for rural land under the new Bill. “Other reforms in the new Bill include simplifying the objections process for landowners and the introduction of annual valuation cycles,” he said.

“Mitigation strategies have also been included for those properties receiving a significant increase in valuations due to extensive site works, and allowances have been made for new site works on the land to ensure that these are not included in the valuation until the development of the land is complete.”
Mr Robertson said the Government had engaged extensively with industry as it prepared the new Bill, including the, the Property Council of Australia, Australian Property Institute, Urban Development Institute of Australia, AgForce, Queensland Farmers Federation, Queensland Resources Council, Real Estate Institute of Queensland, Queensland Tourism Industry Council, Shopping Centre Council of Australia, Queensland Law Society and the Local Government Association of Queensland.
More information on the valuation reforms and the Land Valuation Bill 2010 can be found on the Department of Environment and Resource Management’s website http://www.derm.qld.gov.au/.

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