The Department of Natural Resources and Mines issued annual land valuations for 41 local government areas in Queensland (including Brisbane, Gold Coast, Moreton Bay, Scenic Rim, Gympie and Toowoomba) on Wednesday 12 March 2014.
In this Alert, Partner James Ireland and Solicitor Thomas Buckley discuss the new valuations, which take effect on 30 June 2014.
The new valuations are available here, and will be used to calculate local government rates, state land tax and state land rental.
Valuations
The valuations reflect land values taken on 1 October 2013 and show overall increases in land values for Brisbane (+3.0 percent), the Gold Coast (+1.9 percent) and Toowoomba (+8.4 percent), but decreases in other areas, such as Moreton Bay (-2.1 percent) and Gympie (-4.3 percent). A full list of the local government areas affected is available here.
The Valuer-General has also released the 2014 property market movement report, which provides a snapshot of the Queensland property market in the local government areas that were valued this year. A copy of the report is available here.
Land Valuations Globe
The new 'Land Valuations Globe' provides landowners with access to spatial representation of the valuation, valuation dates, a full list of all land valuations in the local government area and the ability to search properties. Landowners can also access real property descriptions via satellite imagery, allowing them to compare their valuations with others in their area.
Objections to land valuations
If you do not agree with your land valuation you are entitled to lodge an objection. Any objection must be lodged by Monday, 12 May 2014.
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