So, you have received a valuation, and you are confident that it is incorrect or has not been properly done. As all property valuations are sworn valuations, it may seem like a tough situation to be in. The good news is that you can challenge or dispute a property valuation report if you need to.
Valuing your property is an expensive service. As such, the last thing you want to learn is that you have wasted your money on an inaccurate report. This may not be the only reason someone seeks to challenge a valuation. Examples of when you may want to challenge a property valuation include:
- A bank valuation has come in too low compared to the valuations from other lenders
- You believe your statutory land valuation is incorrect or inaccurate
- The valuer has performed poorly, shown great misconduct or incompetence
- Information in the report was outdated and/or erroneous
- You believe a valuation for property settlement purposes is biased towards one party
When it comes to property valuers in Brisbane, homeowners and investors have an extra option where they can make a complaint on the sworn valuer rather than the report. In situations where you do want to challenge a property valuation, you may need to consult with a financial/legal advisor or a relevant professional who can offer advice regarding your specific situation. For now, here are a few things you can do for a couple of the above examples.
Making an objection to a statutory land valuation
The Queensland government regularly values land in 30 local government areas including Brisbane, Gold Coast, Ipswich, Rockhampton, Sunshine Coast, and Townsville. These valuation reports are issued by the responsible authority and are used to determine local and state land taxes.
As these valuations can affect the amount of tax you need to pay, it is important they are correct. To allow for corrections or even a revaluation, you may lodge an objection to new valuations. This lodgement must be done within 60 days of the issue date found on the valuation notice.
When objecting to this land valuation, there must be sufficient grounds for it to be accepted. The objection must also be “properly made” according to the requirements of the Land Valuation ACT 2010 otherwise you will be issued a correction notice. This new notice will allow you 28 days from the issue to amend your objection.
In a “properly made” objection you must include the following:
- The address as well as the property identification number, and real property description (RPD). This can be found on your valuation notice
- Your contact information
- If your land is valued more than $750 000, you must specify the valuation amount you are after. This is optional for those with valuations of equal or lesser value
- The grounds for your objection with supporting evidence or information
A representative of the responsible valuation authority will initially assess the lodged objection. If correctly done, your objection is then considered by a senior department valuer who will make a decision. Only when an objection has been “properly made” can you appeal to the Land Court within 60 days of the issue date of the written objection decision.
Making a complaint with the Valuers Registration Board of Queensland
The state of Queensland has a regulating body that aims to keep the public’s confidence in valuing professionals. After all, valuers provide an essential service in providing sworn property valuations. If a person is rightly unsatisfied with the conduct and performance of their valuer, they can make a complaint to the Valuers Registration Board of Queensland. This board will then follow their complaints and disciplinary proceedings to determine the action that should be taken.
Bear in mind that the matter may be dismissed in many ways once a complaint has been received. It should also be noted that the Board cannot order a revaluation or set aside a valuation. These complaints are made against the valuer only. A complaint can also be made to an unregistered valuer. A complaint should:
- Be made as soon as possible
- Fully describe the issue and include dates, times, and relevant supporting information
- State the desired outcome of the complaint or action you want the Board to take
Ordering an independent valuation
While not always an option, there are times when you can challenge a valuation with another independently conducted report. You should seek advice from a relevant professional to decide if this is an appropriate action to take.
For more information regarding the challenge of a property valuation, talk to a local valuation expert. They may provide more options or information that is relevant to your circumstances.