It’s that time of year again. The Valuer General has recently issued new values for 21 local municipalities in QLD). You should receive your valuation in the mail or by email depending on your choice of service. The Valuer Generals latest property market movement report has also been released and can be found here. Read on to review the locations that have been assessed and information about ground for objection.
Even if there is no change in the valuation it does not indicate that the value is correct. Especially some areas in Regional locations that have seen no change in value. The last day to object is the 5th May 2020. After this date there will be no further chance to object.
The CBD has seen some significant reductions in values by the Valuer General for past objections and appeals, if you have not reviewed your value since 2014 you definitely need to. The Property Council of Australia advised that the Valuer General was so concerned with the CBD he commissioned an independent report. This report has only recently been completed and the implementation of any recommendations did not happen before the issuing of this latest round of valuations. Further, the recent Land Court decisions for ISPT, GPT and Cornerstone dictate that any site values in the CBD need to be reviewed.
You can look up your new valuation using the following links:
If you are new to strata property ownership and have received a valuation notice for the first time, you will notice that the valuation is for the entire scheme land and has been forwarded to you by the Body Corporate Manager or Secretary.
The other main difference in a strata title scheme compared to an individual dwelling valuation is that only the Body Corporate may lodge an objection and individual owner are not entitled to this process.
In most Shire’s the valuation forms the basis for general rate levies and accordingly the equity of your rates contribution is dependent on a fair valuation. Importantly for those paying land tax, this valuation is the determining factor.
For a statutory valuation review, the Body Corporate should contact a valuation specialist for assistance.
This article was contributed by Neil Murphy from Savills Queensland Statutory Valuations.