QLD Statutory Valuations – Objections and Townsville Options
New Statutory Valuations recently announced across Queensland – Disagree with a valuation? Object.
With the deadline to lodge an objection fast approaching, the Queensland Valuer General has recently issued new values for 18 local municipalities across the state.
The areas affected include; 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.
Anyone wishing to challenge an area’s new Statutory Valuation, have until Monday 7 May 2019 inclusive. Following this date there is no further chance to object until the next financial year period. Given the Valuer General has decided not to value every Council in the Annual Valuation program there is never a guarantee that you will get a chance to object next year.
Even if there is no change in the valuation it does not indicate that the value is correct, especially in the CBD and CBD fringe. We have seen increases in the CBD for residential properties without any sales to support the increases. This is coupled with the well documented downturn in the residential unit market.
If you are in the Townsville region and your property flooded recently you can write to the Valuer General within 6 months from the event stating that the floods have permanently damaged the value of the land in accordance with Section 90 of The Land Valuations Act 2010. The application must be in writing and refer to the allowances that were made by the Valuer General in Brisbane after the January 2011 flood event. There were three flood categories applied in Brisbane depending on the depth and width of the flood inundation.
It is also important to note that there was no valuation for Brisbane last year which means that the Valuer General could decide not to value Brisbane again next year removing the opportunity to object next year.
Individuals can search for their new Statutory Valuation at https://www.dnrm.qld.gov.au/qld/environment/land/title/valuation/search.
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 owners are not entitled to this process.
In most municipalities 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 statutory valuation specialist for assistance.
This article was contributed by Neil Murphy from Savills Queensland Statutory Valuations.