Land Valuations Released to Manufactured Home Park Owners
Land valuations across Queensland will be released today. In some local government areas, including the Gold Coast and Brisbane, commercial and industrial land values show an overall decrease. This should send a clear signal to industry sectors concerned about recent legislative changes and their impact on property values.
Australia
Real Estate and Construction
Tony Baldwin, Partner
Almost one million land valuations across Queensland will be
released today, which manufactured home park owners can expect to
receive in the mail shortly.
These valuations will provide a snapshot of unimproved land
values as at 1 October 2009, taking into account changes in the
local property market.
The Minister for Natural Resources, Mines and Energy, Stephen
Robertson, has said:
"The valuations indicate
that commercial and industrial property values in Brisbane and on
the Gold Coast basically reflect market movements. In some local
government areas, including the Gold Coast and Brisbane, commercial
and industrial land values show an overall decrease. This should
send a clear signal to industry sectors concerned about recent
legislative changes and their impact on property values. Concerns
about hikes in property values can now be put to rest. In local
government areas not revalued for four or five years, land values
have shown increases reflecting the property boom between 2005 and
2008, and before the global economic downturn."
As park owners are aware, land valuations are one of the factors
taken into account when the rates payable to local government
authorities are calculated.
If park owners believe their valuation is wrong, they must
object within 45 days and provide information to support the
claim.
These valuations were conducted using an "unimproved
value" methodology, while next year's valuations will be
based on a "site valuation" methodology for non-rural
land. According to the Minister:
"This brings Queensland into
line with other states. It's simpler and has the support of the
property industry, local governments and key stakeholders. Site
value is just one of a number of reforms we are planning for the
state's valuations process for 2010. We will also appoint a
Queensland Valuer-General and a peer review process for more
complex valuations. It's all about being fair and
equitable."
You can read the full media release from the Minister
here. For more information on the 2010 land valuations, please
see our previous alert
here.
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