Land valuation rules change in QLD

by AB15 Mar 2016

Queensland land owners can now lodge an objection with the Valuer-General if they believe they have “acceptable grounds” for being dissatisfied with new land valuations on their properties, says legal firm Creevey Russell Lawyers.

The new land valuations were issued this month and become effective from June 30, 2016.

Creevey Russell’s commercial lawyer, Cameron Hagan, says any objections to the Department of Natural Resources and Mines (DNRM) must be lodged within 60 days of the valuation notice being issued.

“If land owners are not satisfied with their land valuation then the Land Valuation Act allows for an objection with DNRM, provided the land owner has acceptable grounds,” Hagan said.

“The Valuer-General considers sales evidence, the constraint on the use of land and the physical characteristics of the land as some examples that would be considered as acceptable grounds to object.” 

Another factor land owners should consider, according to Hagan, is the impact of their land tax liabilities to the State Government.

“Land owners in Queensland are liable to pay land tax should the total taxable value of land be in excess of the tax free threshold of $350,000 for companies, trustees and absentees or $600,000 for individuals,” he said.

“There are exemptions land owners can claim depending on the legal entity that owns the land, including home and transitional home exemption, primary production exemption and charitable institution exemptions.”