It has been announced that new land valuations will be carried out in 2022 and the following areas will have new valuations undertaken by the Queensland Valuer-General – Brisbane, Bundaberg, Cairns, Cassowary Coast, Fraser Coast, Gold Coast, Gympie, Ipswich, Livingstone, Lockyer Valley, Logan, Moreton Bay, Noosa, Redland, Rockhampton, Scenic Rim, Somerset, Sunshine Coast, Toowoomba, and Townsville.
In local government areas where valuations are not issued in 2022, the most recent annual valuation remains in effect until the next valuation is undertaken.
The Annual Land Valuation is issued by the Valuer-General of the Department of Natural Resources and Mines. As a member of a Body Corporate, your Valuation Notice will be sent to its service address, being Capitol Body Corporate Administration, as opposed to individual owners.
When determining statutory land values, the Queensland Government valuers:
- research the property market
- examine trends and sales information for each land use category (e.g. residential, commercial, industrial and rural)
- inspect vacant or lightly improved properties that have recently been sold
- interview vendors and purchasers of property, where appropriate
- consider the land’s present use and zoning under the relevant planning scheme
- take into account physical attributes and constraints on use of the land
The valuations affect land tax and council rates.
The main difference in a strata title scheme compared to an individual dwelling valuation is that only the Body Corporate may lodge an objection. An individual owner is not entitled to this process.
If a committee has concerns with the new valuation, it must act quickly. If the body corporate does not agree with the new valuation an objection must be made within 60 days of the date of issue – the due date for the filing of any objection is set out on the notice itself.
For a statutory valuation review, Body Corporate should contact a valuation specialist for assistance.
In the event that the Body Corporate would like to make an objection please contact your Community Relationship Manager. Capitol can obtain proposals from firms to assist with the Objection Lodgement.
