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House of Assembly - Fifty-First Parliament, Third Session (51-3)
2009-02-03 Daily Xml
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LAND VALUATIONS

104 Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (30 September 2008). With respect to the 2008-09 budget papers, the papers indicate that residential valuations have increased by 14.5 per cent over the previous year, 20 per cent for commercial land and 34.5 per cent for industrial land, while the Valuer-General gazetted new valuation increases on 29 May 2008 as 15.68 per cent for residential valuations and 28.01 per cent for commercial/industrial valuations, what are the reasons for the difference in the respective valuation increases?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I am advised that the estimated growth rates for land values (site value) used in the 2008-09 budget were based on preliminary estimates provided by the Valuer-General as at 7 April 2008.

At the time the 2008-09 budget estimates were formulated, the Valuer-General had not completed the annual valuation update including uploading all of the new values on to the Valuer-General's database.

On 29 May 2008, the Valuer-General notified, by a Gazettal notice, completion of the annual valuation. Differences between the preliminary estimates (as at 7 April 2008) used in the 2008-09 budget compared with the position at 29 May reflect the finalisation of all updated land values and their incorporation into the land valuation system.

While the annual valuation process was completed in May, the valuation database continues to be updated, post gazettal, to reflect new records being created for land divisions (due to time delays between final approval and creation of the valuation record) and the outcome of objections to property values. Both of these impact on the growth in land values.

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