Do you own property in Queensland? If so, you have probably by now received your new statutory land valuation notice that has been issued by the Valuer-General for all commercial and residential land in Queensland. These new valuations are effective from 30 June 2016 and your rates and land tax obligations will be based upon this new land valuation.
Our conveyancing solicitors have heard from quite a few clients that they have seen a large increase in the value of their land and they are worried how this will affect the rates amount they must pay going forward.
As a property owner, you do have the option to lodge an objection with the Department of Natural Resources and Mines on your new valuation, however it is vital that you lodge an objection within 60 days of receiving your new valuation.
In election to lodge an objection, your application must:
- Be lodged within the 60-day objection period;
- Provide specific reasons why the valuation is incorrect; and
- Include the specific information required by the Land Valuation Act 2010 (Qld).
You can lodge an objection based upon any of the following grounds:
- By providing details about comparable property sales in the vicinity and explaining how specific aspects and features of these properties relate to the valuation of your land;
- By explaining how your land has specific physical characteristics or constraints to other properties and how due to these a different valuation is appropriate to your land; or
- Making an argument that the valuation methodology used was incorrect and fails to reflect the nature of your land.
In lodging an objection application it is vital that supporting material is included that backs up your argument, otherwise if it is too general or not supported by relevant evidence, it is unlikely to be successful.