The Queensland Government has just issued its new statutory valuation assessments which come into effect on 30 June 2023. The Noosa Shire in particular has witnessed a significant uplift in land valuation assessments. This uplift not only impacts your rateable assessments charged by local authorities but will also have a potential impact on Land Tax payments which are likely to significantly increase based upon these new assessments.
We have undertaken some initial work regarding this and have identified location specific flaws in these assessments.
Any landowner in Queensland who does not agree with their land valuation may lodge an objection.
There are significant criteria that must be followed to object, including the provision of substantiated comparable market data and information to demonstrate that the valuation is incorrect, in accordance with the Land Valuation Act 2010.
The team of valuation professionals at Acumentis assist land owners in reviewing valuation assessments placed on their property by the Valuer General and have a strong process for constructing objections, drawing on our market evidence and extensive database.
If you would like your situation investigated to determine if you have acceptable grounds for objecting to your valuation reach out to our team via email.
The 60 day objection period for the 2023 land valuations closes on 16 May 2023.
Frequently Asked Questions
A statutory assessment is a valuation-based assessment made by the Valuer General on land value (site value) and the value of a property inclusive of land and improvements (capital value).
Statutory authorities use these values to establish rating and taxing levies, including State Land Tax, Council Rates, Water Rates, and Emergency Services Levy for the new financial year.
Increases in these values results in a rise in the rates and taxes payable by land and property owners.
The taxing date of Statutory Assessments is 31 December each year, and the assessments are applicable to the following year.
An increase or reduction in the value of land or property can result in a significant increase or saving on rates and taxes for that financial year (and beyond).
If you believe you have grounds to object to your assessment you have the right to lodge a formal objection. The objection must be lodged within 60 days of receiving the notice of assessment.
Both property owners and tenants have the right to object.
To object to a statutory valuation assessment, you must provide sufficient market evidence to support your claim and substantiate that your valuation assessment is incorrect. This market evidence must demonstrate that the current statutory assessment is 10% more than the market for any amendment to be made.
Several other special considerations also need to be taken into account when presenting evidence to support an objection.
The team of credible and skilled qualified valuation professionals at Acumentis can assist you in assessing the merit of making an objection and building a strong case.
With access to up-to-date market insights and data, we can clearly articulate to the relevant authorities the best case for a revision in the assessed value, with reference to legislation.