Shopping centre valuation overhaul to simplify process

The State Government has announced it will not continue in the round of litigation involving shopping centre owners regarding land tax methodology.

“I have met with the Shopping Centre Council of Australia and agreed to seek a negotiated outcome,” Treasurer Andrew Fraser said.

“It’s important for both the State and property owners to have certainty about this matter.”

Natural Resources Minister Craig Wallace said amending the Valuation of Land Act 1944 as early as possible in 2008 would be a priority for the government.

Mr Wallace said the amendments to the Valuation of Land Act will:

·Remove the assessment of intangible improvements from the valuation process

·Clarify the definition of unimproved value

·Introduce a new formula for the valuation of large regional shopping centres

Mr Wallace said this would streamline the process for around 30 large shopping centres in Queensland, providing certainty for owners and local councils which levy rates using unimproved land valuations for such sites under the Act.

Mr Fraser said residential property owners were not impacted by the court decision.

“The government is working closely with key stakeholders including the Shopping Centre Council of Australia and the Local Government Association,” Mr Fraser said.

Media Contact Chris Taylor (Minister Fraser) 3224 5982
                           Paul Childs (Minister Wallace) 3896 3688