Source: calypsobayreview.com
This news was notified to The Planning Boardroom by Nate Hood. Thank you for sharing this with us. If you would like to share news or other valuable information and have it published here please contact Eli at eli@theplanningboardroom.net
Nate has kindly offered his opinion on this new Bill.
“Queensland is going to start taxing ‘improved’ land versus the old, traditional method of straight land valuations (like we have in NSW). This should allow more flexibility in setting tax increment financing districts and betterment districts and actually creative an incentives for local governments to assume debt for the financing of infrastructure. This would be a valuable tool in creating centre based development around transit nodes here in Sydney.”
The Queensland Government has moved to strengthen the delivery of statutory land valuations, with the introduction of the Land Valuation Bill 2010 on 1 September 2010.
The reforms are about modernising the valuation system in Queensland and bringing it in line with other states.
Upon Assent, the Bill will (subject to passing parliamentary processes) replace the outdated Valuation of Land Act 1944.
Under the new Bill, valuations for non-rural land would be assessed on site value from 2011.
Land that is zoned rural under a planning scheme will continue to be valued using the unimproved value methodology.
Landowners will be advised of their new valuations in March 2011 and most should see very little difference in their new valuation, other than through normal market movement.
The value of most residential land, other than land with extensive site works, will not be significantly affected by the change in valuation methods.
For example, land that has been cleared and leveled to allow the construction of a building will experience little, if any, difference in value other than through normal market movement.
Other reforms in the new Bill include the appointment of an independent Valuer-General to provide transparency in the assessment and issuing of valuations and the introduction of annual valuation cycles. The new Bill also clarifies the objections process for landowners.
Source: Department of Environment and Resource Management
Newswire.com- Bill delivers a modern and fairer method of land valuations
