Time is running out for land owners to review their new annual valuations, with less than a month before the end of the objection period. New statutory land valuations have been issued for 27 local government areas across Queensland, which will be used for state land tax and local government rates once they take effect on 30 June 2013.
With state land tax being one of the main sources of revenue for the Queensland government and local government rates being the mainstay of local government revenue, annual land valuations can have a significant impact on land owners.
Annual valuations are assessed on the market value of land assuming the land is vacant. There are two types of valuation: site value for non-rural land and unimproved value for rural land. In both cases the value of land must be based on market evidence of what the land would sell for.
The new annual land valuations are open to objection until Monday 20 May 2013.
Land owners should review carefully the new valuations to ensure these reflect market conditions and sales evidence.
It is also important to check that valuations properly account for relevant considerations, such as:
- town planning and relevant development controls (eg. height or development restrictions);
- listing on a heritage register or contaminated land register; and
- land characteristics such as access, topography, vegetation, flooding and drainage etc.
To be considered objections must be ‘properly made’ and lodged by the deadline.