A higher land valuation might not be as good as it sounds

The Valuer-General has recently issued the annual land valuations for 18 local government areas in Queensland (Brisbane, Burdekin, Cairns, Etheridge, Gympie, Ipswich, Lockyer Valley, Logan, Longreach, Moreton Bay, Noosa, North Burnett, Redland, Somerset, South Burnett, Sunshine Coast, Weipa and Western Downs).

The new valuations are used to assess land tax, local government rates and State land rental charges.

Information on how the land is valued can be obtained at: https://www.qld.gov.au/environment/land/title/valuation/about

In short, land is valued on the assumption that it is not developed, and any buildings or improvements on the land have not been made.

If you do not agree with the valuation which has been issued, owners can lodge an objection. Information on how to lodge an objection can be obtained at:

https://www.qld.gov.au/environment/land/title/valuation/about/dispute

Importantly objections must be made by 7 May 2019.

Your annual land valuation should warrant careful consideration as reducing the statutory valuation of land can significantly reduce your liability for taxes and rates, whilst enhancing the commercial value of your property.

If you need help lodging your objection or need some more clarification on the land valuations, speak to your local conveyancer at MAP Lawyers today by calling 1300 680 584 or by filling in the online form.

  

Updated: 23/11/2021