Improving the quality of valuations When applied to a section of the property market, this
process makes it possible to deduce the value of a parcel of
The Department of Natural Resources and Water (NRW)
land relative to the value of those in a cross-section of the
aims to continually improve its valuation service. Property market, based on sound information.
owners are required to help in this process by providing
current information on property leasing.
Where is the information obtained?
Why are valuations undertaken? To be able to make accurate valuations and reduce the need
for adjustments through a potentially costly objection or
The Valuation of Land Act 1944 requires NRW to provide appeal process, NRW requires information on:
unimproved valuations, which are used as a basis for:
• local government rating • the rentals received for different commercial
• land tax (if applicable) activities within a building
• assessment of leasehold land rentals for state-owned • the expected outgoings or incentives incurred when
land. the building is let.
How are valuations calculated? Only property owners or their agents can provide this
information, which NRW requests as part of the annual
The most appropriate method of calculating the value of a valuation process.
piece of land is to base this on the sales value of vacant
land in the same area. However, this is not always possible, How is property information obtained?
particularly in commercial areas or central business
districts where sales can be infrequent. Before annual valuations, NRW sends questionnaires to
owners of leased commercial properties for details of :
How are values assessed when there are few • tenants
• shop number or floor occupied
Where there are insufficient sales of vacant or near vacant
commercial lands, the following two-step process is used: • leases
1. Sales of highly improved properties are analysed to • incentives (e.g. rent-free periods, fit-outs)
ascertain the rate of return the market can expect from • annual rental
an investment property of this type.
• frontage/depth or area occupied
2. A hypothetical development of a cross-section of lots
based on relevant rentals and other information is then • summary of outgoings paid by tenants
carried out. The added value of the notional
• annual car parking.
improvements is deducted from the total value of the
hypothetical development to reveal the residual land
The department also seeks information on outgoings Authority to seek information
incurred by the landlord including:
The Valuation of Land Act 1944 expressly authorises NRW
• insurance premiums to collect certain information that is essential for carrying
out valuations, and requires that an owner supply this
• collection fees
information within a set time.
• cleaning Section 83 (4) states that:
• rates Every person whether a land owner or not, if required by the
• land tax chief executive, shall, in the manner and within the time
required by the chief executive, furnish any return or any
• state or ground rents information required by the chief executive for the purposes
• maintenance and repairs of this Act.
• other outgoings that the owner believes will assist in Though the Act also provides for a penalty to be imposed if
the valuation exercise. an owner fails to provide a return, NRW prefers to discuss
any concerns owners may have about supplying the
Assistance in completing the questionnaire information.
A contact person and phone number is included with the General information
letter from NRW requesting the rental information.
For further information on the issue of a rental
Confidentiality of information provided questionnaire, contact the nearest NRW service centre,
details of which are available on the department’ website at
The Public Sector Ethics Act 1994 imposes a departmental <www.nrw.qld.gov.au>.
Code of Conduct on all NRW staff. This code ensures that
information provided in the rental questionnaires will be
used by the department for official purposes only.
The Queensland Government introduced Information Standard 42—Information Privacy to ensure that the collection, use, disclosure and storage of
personal information by government agencies is lawful and appropriate. This standard also obliges agencies to tell clients why personal information
is collected and when it is disclosed to third parties.
NRW collects property information in order to conduct annual valuations of the unimproved value of parcels of land in accordance with its statutory
obligations under the Valuation of Land Act 1944. In accordance with the Act, NRW also uses this information to maintain the Valuation Roll, which
includes the name and address of property owners, the sale price and date of sale of each property, and its unimproved value.
Form 24, lodged with each transfer of an interest in property, includes the name and addresses of the purchaser and the amount paid for the property.
Some information from Form 24 is made available to the public and it is provided to the Office of State Revenue (part of Queensland Treasury) for
the calculation of stamp duty, and also to the relevant local authority so it may issue rate notices to the owner of the land. The information may be
provided to other government agencies to allow them to contact landowners, or to provide information in relation to matters of significant public
concern. Form 24 is also used to verify ownership of land upon which water rights may be registered on the Water Allocation Register.
In order to prevent property fraud and to assist vendors and purchasers to make informed property decisions, this information is made available to the
public (at a set fee). It is also made available to data brokers under section 77 of the Valuation of Land Act who on-sell it to their clients. This
information may be available as part of a package of information that data brokers compile from various sources. When next you consider buying or
selling a property you may find that the Rating Valuation Roll can be of assistance in determining its market value.
Valuations 2007 – property information