Queensland statutory valuations delayed by floods
The date for statutory valuations in Queensland will be postponed from 31 March 2011 to 30 June 2011 – but landowners still need to ensure they're ready.
How does this change the current position?
Under the Land Valuation Act 2010, the Valuer-General must make an annual valuation of land, and give the owner of the land a notice of the annual valuation, by 31 March in the year in which the annual valuation is to take effect.
The proposed amendments to be introduced under the Queensland Reconstruction Authority Bill 2011 will delay the date for the provision of the annual valuations from 31 March to 30 June.
It is proposed that this amendment will only apply for 2011.
What is the reason for this amendment?
The Queensland Valuer-General, Mr Neil Bray, proposed the delay so that the effect of the recent extreme weather events in Queensland on land values could be assessed.
As a landowner, what action do you need to take?
While the Queensland Reconstruction Authority Bill 2011 defers the date on which the annual 2011 valuations need to be made, we recommend that landowners:
establish a register of site works undertaken on their properties during the last 12 years (with the register to be updated each time additional site works are undertaken);
instruct a quantity surveyor to calculate the value of existing site works undertaken if the landowner does not have an accurate record of site works undertaken on their properties; and
instruct a property valuer to undertake a valuation of their properties so that a determination can be quickly made upon receipt of the annual valuation from the Valuer-General as to whether to lodge an objection against that valuation.
Please contact us if you would like us to assist you in relation to these recommended steps, or to provide you with any advice on the new procedures set out in the Act.
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