On 2 March 2016 the Valuer-General issued annual land valuations for many properties in Queensland.
The valuations will take effect on 30 June 2016 and will be used for the assessment of local government rates, State land tax and State land rental (for leasehold land).
The Valuer-General’s office has confirmed that the Brisbane CBD and inner-city suburbs, including Kangaroo Point, West End and South Brisbane, have seen a significant increase in the value of residential land and a moderate to significant increase in the value of commercial and industrial land. Land values for residential and commercial properties have also increased more broadly in Queensland, with material increases in Toowoomba, Cairns and on the Gold Coast and Sunshine Coast.
Landowners who are concerned with a valuation can lodge an objection within 60 days of the date of issue of the valuation (not the date the valuation notice was received). Generally, any objection lodged out of time will not be accepted by the Valuer-General.
It is important that an objection be accompanied by sufficient information and that the objection complies with the strict requirements of the Land Valuation Act 2010 (Qld).