Is your valuation correct?
By Frank Higginson25 Mar 2010
The Queensland State Government has now issued new valuation notices for unimproved capital values (UCV) of land as at 1 October 2009.
Those notices should be in the hands of every body corporate now. If they are not (because the address on the Department of Environment and Resource Management (DERM) system for the body corporate is incorrect), then a copy of the actual valuation notice should be sought from DERM as soon as possible (1300 664 217).
A recent case confirmed that the failure to receive a valuation notice was not a valid excuse for failing to meet the objection requirements.
A body corporate has 45 days to challenge any valuation. Despite the government backing down on its proposed changes to valuation methodologies, the reality is that some valuations might still not be right.
A higher UCV will more than likely lead to increased amounts of land tax and local authority rates, as the UCV is largely the determining factor for the basis of these taxation calculations.
Each body corporate needs to carefully consider whether the UCV for the parcel of land on which it sits is correct, and if not it should consider seeking advice urgently about lodging an objection to the valuation.
A significant amount of material is required to object to a valuation, but we have access to the resources through aligned industry professionals to guide a body corporate through the objection process.