Australian Property News

Queensland agrees to fresh look at valuations

Posted on Tuesday, March 09 2010 at 4:28 PM

The Queensland Government has agreed to revamp its controversial changes to the state's system for land valuation, in the wake of concerted lobbying from the property industry.

Premier Anna Bligh has announced Queensland will move to a system of site valuation, which she says is in keeping with other states and in line with what the property industry and local government have been seeking.

The Property Council of Australia, Shopping Centre Council of Australia and the Queensland Government have been involved in intensive negotiations since the Valuation of Land and Other Legislation Amendment Bill 2010 was tabled in Parliament in February, with the property bodies saying the government changes would lead to higher taxes.

The Property Council's Queensland executive director, Steve Greenwood, says the latest amendments will address many of the concerns.

"Firstly we are pleased that the government has taken our advice and will not be introducing this legislation retrospectively back to 2002," Greenwood says.

"This will ensure the rights of those appellants with objections/appeals before the courts are protected and settlement negotiations can now continue without prejudice."

"We're also pleased that the government has committed to a full review of the state's valuation system in time for the 2011 round of valuations."

"This means that the Bill that will be passed by the government today will only impact the 2010 round of valuations. We expect that these valuations will generally be lower, reflecting the impact of the global financial crisis on the property industry."

Natural Resources Minister Stephen Robertson says site valuations will apply to non-rural land from the 2011 valuation.

"For the landholder, this will mean valuations will reflect what can actually be 'seen from the street' and will allow easier comparison with other land values," he says.

"Importantly, the new system will not result in significant changes to rates and property taxes."

"This is not a new revenue raising measure – this is about providing certainty for the future."