September 1, 2010The State Government today moved to strengthen the delivery of statutory land valuations in Queensland, with the introduction of the Land Valuation Bill 2010.
Minister for Natural Resources, Mines and Energy and Minister for Trade, Stephen Robertson says the Bill will, subject to passing parliamentary processes, change the way valuations were assessed in Queensland.
"It's time we moved to a valuation methodology which is more reflective of the market value of land and is in line with the approach in other Australian jurisdictions," Robertson says.
"These reforms are about modernising the valuations system in Queensland and introducing a simpler, more equitable process for assessing non-rural land," he says.
Under the Bill, valuations for non-rural land will be assessed on site value from 2011.
"Since 1944 unimproved value has been the methodology used as the basis to assess a valuation for all land in Queensland," Robertson says.
"However 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,” he says.
"The new site value 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.”
According to Robertson, landowners will be advised of their new valuations in March next year and most will see very little difference in their new valuation.
"When the next Valuation Notices are issued, 95 percent of residential properties, other than land with extensive site works, will not be significantly affected by the change in valuation methods," he says.
There will reportedly be no change to the valuation methodology for rural land under the new Bill.
