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    Coat of ArmsMedia Release
    Minister for Natural Resources, Mines and Energy and Minister for Trade
    The Honourable Stephen Robertson

    Bill delivers a modern and fairer method of land valuations

    Minister for Natural Resources, Mines and Energy and Minister for Trade
    The Honourable Stephen Robertson

    Thursday, September 16, 2010

    Bill delivers a modern and fairer method of land valuations

    A Bill to provide a simpler, more equitable process of valuing land was passed in Parliament tonight.

    The Land Valuation Bill 2010 provides for site value methodology to be used to assess urban adn non-rural property values.

    The method is considered more reflective of the market value of land and brings Queensland valuations in line with the approach used in other Australian jurisdictions.

    The Minister for Natural Resources, Mining and Energy and Trade, Stephen Robertson said around 95 per cent of landowners will see only minimal or no change in current valuations as a result of the new valuation system.

    “This is a Bill that simply makes the valuation system better – a change that is long overdue,’’ he said.

    “The previous system of valuations dated back to 1944 and there was wide support among stakeholders to introduce a more modern and fairer system for land valuations.’’ 

    The site value method of assessment will take into account the value of any improvements which have been made to the land, which may include filling, clearing and drainage works.

    But site valuation does not include any buildings or the works required to prepare foundations or footings to enable construction of a building.

    The new system provides for annual valuations across the state and no longer relies on the unimproved value of the land to formulate valuations.

    “As the state becomes more developed there is decreasing knowledge of what land was like in its original condition and this has made the task of determining unimproved value more difficult as time goes on,’’ Mr Robertson said.

    Any change in valuation will be a reflection of current market movements, rather than reflecting several years of market movement under the old system of periodic revaluations, the Minister said.

    Other key provisions of the Bill include simplifying the objections and appeals process; offset allowances for those who have done extensive groundworks, and a transitional period for land owners who experience a significant increase in valuation of their land under the new methodology.

    Landowners will be advised of their new valuations in March next year, the Minister said.

    “When the next Valuation Notices are issued, 95 per cent of residential properties, other than land with extensive site works, will not be significantly affected by the change in valuation methods,” he said.

    “For example, land that has been cleared and levelled to allow the construction of a building will experience little, if any, difference in value other than through normal market movement.”

    Mr Robertson said the new system applied only to urban, non-rural land. There is no change to the valuation methodology for rural land under the new Bill, he said.

    Mr Robertson said the Government had consulted extensively with stakeholders on the new Bill, including the Property Council of Australia, Australian Property Institute, Urban Development Institute of Australia, AgForce, Queensland Farmers Federation, Queensland Resources Council, Real Estate Institute of Queensland, Queensland Tourism Industry Council, Shopping Centre Council of Australia, Queensland Law Society and the Local Government Association of Queensland.

    More information on the Land Valuation Bill 2010 can be found on the Department of Environment and Resource Management’s website

    Media contact: 0417 154 660