New Statutory Land Valuations for Unimproved Value of Land
New Statutory Land Valuations for the unimproved value of Land will be issued within 21 Queensland Local Government areas in March 2020.
The Local Government Areas receiving new land valuations include Banana, Brisbane, Burke, Cassowary Coast, Cloncurry, Flinders, Fraser Coast, Gold Coast, Goondiwindi, Hinchinbrook, Livingstone, Mackay, McKinlay, Mount Isa, Richmond, Rockhampton, Scenic Rim, Torres, Townsville and Winton.
Once a Landowner has received the new valuation, they will have the opportunity to lodge an objection to the new unimproved value with the Department of Natural Resources, Mines and Energy if they do not agree with the value provided.
In order to object to the unimproved land valuation, the Landowner is required to complete and submit a Form 58U with the Department of Natural Resources, Mines and Energy.
As a part of the objection, the Landowner will also be required to advise the Department of the following:
If the new unimproved value is over $750,000.00, what the Landowner believes the new unimproved value should be; and
The grounds for the objection. This can include:
That the new unimproved valuation is not supported by property sales in the area – if this is the case, the Landowner will need to provide details of recent sales and the reasons why they contend that the sales are comparable to the valuation of their land. The Landowner will need to include, at a minimum, two comparable sales.
That the new unimproved valuation does not reflect the physical characteristics of the land and any constraints on the use of the land. This includes impacts from flooding, reduced carrying capacity and encumbrances such as easements and covenants.
Any other grounds of objection that the Landowner deems relevant.
If your objection is rejected and you do not agree with the decision, you may appeal to the Land Court within 60 days after the issue of decision of objection being issued.
Our experienced team here at Rees R & Sydney Jones would be happy to assist you if you do receive a new land valuation for the unimproved value of your property and you wish to object.