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Million homes won’t be revalued after shock decision by Queensland’s Valuer-General

first_imgOnly 22 of Queensland’s 62 rateable LGAs will be valued next year.The decision marked the first time in eight years that the Valuer-General won’t have the capital city in his annual Queensland revaluations.Mr Mountford said “in both 2015 and 2016, landowners in Brisbane’s CBD raised significant concerns with their annual land valuations”.“In 2016, almost 1,200 objections were lodged across Brisbane, 241 of them for properties over $5 million – most of them in the CBD. A similar number were lodged in the previous year. Given this level of debate about statutory valuations in Brisbane in recent years, its clearly an odd decision not to revalue the State’s capital city.”Mr Mountford said major, diverse markets like Brisbane needed to be valued every year “to ensure the tax system remains fair and equitable”.“Has the government made this decision because the State Valuation Service doesn’t have the resources to undertake the task? Or perhaps the State is looking to ensure its land tax revenue is locked in at a certain level for next year? Either way, it’s not the basis of a fair tax system.” Property Council QLD executive director Chris Mountford said the move was not a good look for the state. Picture: Mark CallejaMore from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoMr Bray said the 2018 valuations – to be released in March next year – would involve 492,000 properties making up about 29 per cent of Queensland’s valuation roll.The LGAs that would get new valuations were Banana, Barcoo, Boulia, Bulloo, Central Highlands, Charters Towers, Diamantina, Douglas, Fraser Coast, Gladstone, Gold Coast, Goondiwindi, Hinchinbrook, Isaac, Maranoa, Murweh, Noosa, Paroo, Quilpie, Scenic Rim, Sunshine Coast and Toowoomba.“Valuations are issued annually across the state, except in unusual circumstances or where it is determined there has been insufficient market movement in a local government area to warrant an annual valuation being issued,” he said. HOT AUCTIONS: Brisbane homes selling sight unseen BRISBANE RISING: Surge in capital growth expectations BORROWING: Interest only loans could increase SIGN UP FREE: Get The Courier-Mail ’s real estate news in your inbox Mr Bray said in a statement that where new valuations were not issued in 2018, the most recent annual valuation would stay in force “for rating, land tax and state land rental purposes until the next valuation is undertaken”.But if you’re in the unvalued zones and think that means your rates will stay put next year, think again.“Landowners should remember that land valuations are just one of the factors taken into account by local councils when they prepare their annual budget and set rates to pay for the services they provide to their community,” Mr Bray said.Under the Land Valuation Act 2010 valuation notices have to be issued no later than March 31 in the year that the annual valuation takes effect.“The valuations will be determined as at 1 October 2017, and become effective for rating, land tax and State Land rental (for leasehold land) purposes as at 30 June 2018,” he said. *FOLLOW Sophie Foster on Twitter or Facebook A shock decision by the Queensland Valuer-General will see the state capital bypassed in new property valuations.CLOSE to a million Queensland homes won’t be revalued next year because of a shock decision by the state’s Valuer-General that’s been slammed by the Property Council.Queensland Valuer-General Neil Bray had to defend his decision to revalue only 22 of the state’s 62 rateable local government areas next year, leaving off the list not just the state capital Brisbane but also densely populated areas like Logan, Ipswich, Moreton Bay and Townsville.“The property market survey reports for those LGAs not being revalued showed minimal movement across most market segments. In Brisbane, for example, there were some small pockets that showed some change, however overall the changes did not justify inclusion in the annual valuation program,” he said.But Property Council Queensland executive director Chris Mountford was unconvinced, warning the move raised serious questions about the state’s valuation system – especially when the capital city was bypassed.“A significant number of transactions were undertaken in the 2016-2017 financial year, which would help inform new valuations. On this basis, the Property Council sees no reason for the decision not to value more than 29 per cent of rateable properties across the state.”last_img read more

Power Dominates IndyCar GP

first_imgScott Dixon (2nd) congratulates Will Power (1st).Speedway, Ind. — Will Power kept the momentum from yesterday’s pole-winning qualifying time going all day long to win today’s IndyCar Grand Prix at the Indianapolis Motor Speedway.The fourth annual event saw zero caution laps and only four lead changes, all between Will Power and Helio Castroneves. The fastest lap of the race was turned by Joseph Newgarden on lap 68 at 126.539 mph. That didn’t help the young American perform as well as his teammates, though. He drove the only Team Penske entry failing to crack the top ten.2017 IndyCar Grand Prix Winner, Will Power.Following Power across the finish line were Scott Dixon, and Ryan Hunter-Reay, bringing three different teams to the podium.  The pair broke up a Penske Party at the front of the pack, with Simon Pagenaud and Helio rounding out the top 5.Having won the GP pole, and the race itself, Power has now won two of the four biggest prizes in the Month of May at Indianapolis. He now sets his sights on the famed two-and-half mile oval and the 101st running of The Indianapolis 500.Ryan Hunter-Reay, 3rd.Scott Dixon, 2nd.Look for more photos from the 2017 IndyCar Grand Prix on the WRBI Facebook page.last_img read more