Valuation Legislation to protect average ratepayers
Source: Queensland. Minister for Natural Resources, Mines and Energy and Minister for Trade. Media Release
"Legislation introduced in Parliament will protect ordinary ratepayers from higher costs and provide certainty for the rate base of Queensland local governments, Natural Resources, Mines and Energy Minister Stephen Robertson said. The Government introduced legislation to prevent a recent Court of Appeal decision overturning decades of past practice in the valuation of commercial property.The Government would not stand by and see the Court’s decision result in an increasing rates burden for residential ratepayers, Mr Robertson said.
“The Court’s decision would have required a sudden, seismic shift in the valuation rules for all commercial property – with discounts of 20% for industrial land and 35% for commercial land. Mr Robertson said without the amendments introduced, local governments would be potentially exposed to over $600 million in repayment of Council rates and Queensland taxpayers would be exposed to repayment of land tax."