Queensland Statutory Valuations

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 22 local municipalities across the state.

The areas affected include; Banana, Barcoo, Boulia, Bulloo, Central Highlands, Charters Towers, Diamantina, Douglas, Fraser Coast, Gladstone, Gold Coast, Goondiwindi, Hinchinbrook, Isaac, Maranoa, Murweh, Noosa, Paroo, Quilpie, Scenic Rim, Sunshine Coast and Toowoomba.

Anyone wishing to challenge an area’s new Statutory Valuation, have until Monday 7 May 2018 inclusive. Following this date there is no further chance to object until the next financial year period.

Even if there is no change in the valuation it does not indicate that the value is correct, especially regional locations that have seen no change in value.

It is also important to note that there is no valuation for Brisbane this year which means last year’s site values will apply based on peak market sales evidence in 2014/2015 with no opportunity to object or appeal.

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 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/National Head from Savills Queensland Statutory Valuations.