Sunday, April 1, 2012

Statewide annual valuations 2012 released

Statewide annual valuations 2012 released

28 March 2012
Valuation notices today were posted to all landowners throughout Queensland’s 58 rateable local government areas.
Queensland’s Valuer-General Neil Bray said more than 1.6 million valuations were completed in accordance with the Land Valuation Act 2010.
“The valuations will take effect for local government rating, State land tax and State land rental purposes, where applicable, on 30 June 2012,” Mr Bray said.
“As all local government areas were revalued in 2011, the 2012 valuations reflect any variations that have occurred in the 12 months since the last valuation.
“Annual valuations avoid the significant movements in valuations that have occurred previously when valuations were not undertaken for a number of years.”
Mr Bray said that with the exception of areas influenced by the growth associated with the mineral and gas resources industry boom the Queensland property market over the past 12 months had been generally subdued.
“The volume of property transfers recorded with the Registrar of Titles has decreased by 22 per cent over the past 12 months and is at its lowest level for a decade,” Mr Bray said.
“Value changes, both up and down, can be attributed to a number of factors including
the strong  Australian dollar which has impacted on Queensland’s export industries, tourism and related industries; global financial volatility including tight credit conditions; growth associated with the resources industry boom and a moderation in Queensland’s population growth.”
Mr Bray said the subdued nature of the market was evidenced by 32 local government areas recording an overall market movement of less than three percent in total rateable value.
“The Gladstone Regional Council area recorded the largest increase of 19 per cent, reflecting the growth of mining activity in central Queensland,” Mr Bray said.
“The Cassowary Coast Regional Council area which is still suffering the economic effects and damage caused by Cyclone Yasi in early 2011, recorded the largest reduction of 13.7 per cent.”
Mr Bray said it was important that landowners realised that valuation notices were not rate notices. 
“Rates are set under the Local Government Act 2009 and the City of Brisbane Act 2010 by local governments when they determine their annual budgets,” Mr Bray said.
“The setting of rates is based on a number of factors - valuations are only one of those factors”.
Queensland’s online valuation list for 2012 and property market data for major residential localities are available at until 26 June 2012. This information allows landowners to compare their valuations with others in their localities.  Hard copies of the land valuation listings are also available for inspection at selected Department of Environment and Resource Management (DERM) business centres and local government offices.
Mr Bray said landowners who believed their valuation to be incorrect, and could provide information to support this, could lodge an objection to their valuation with the Department of Environment and Resource Management (DERM) by 28 May 2012.
To lodge an objection, landowners should obtain an objection kit which includes a step-by-step guide and the relevant objection form – these are available on the DERM website,, by calling 1300 664 217 or from local DERM offices.  More information including fact sheets, questions and answers and rural valuation maps is also available.

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