Valuations and rates go up
Brisbane land valuations rise by 3% while outback Queensland sees drops of up to 20%, but rates will only go up because "they never come down".PT1M23S http://www.canberratimes.com.au/action/externalEmbeddedPlayer?id=d-34jbv 620 349 March 11, 2014
Lord Mayor Graham Quirk has refused to speculate on what impact rising land values in Brisbane will have on rates next financial year.
The State Government's Valuer-General’s 2014 Property Market Movement Report released on Monday showed property values increased in 92 Brisbane suburbs in the past year.
Rising land values put upward pressure on rates but at Tuesday's Brisbane City Council meeting, Cr Quirk said it was too early to speculate on what impact the new valuations might have next financial year.
"There will always be people wanting to have a crack at what the rate increase is going to be, he said.
"The preparations for the 2014/15 budget are just beginning, so there's no way I can predict what our rate increase there will be."
He conceded rates were determined by land values and there would be an impact.
"All valuations have an impact on rates, rates are determined by valuations," Cr Quirk said.
"Increases vary, year upon year upon year but it's also interesting to note some of the predictions made in the past have been wildly out."
Opposition Leader Milton Dick said the Lord Mayor had already flagged a 5.9 per cent increase to Queensland Treasury Corporation.
“I’m worried that the Lord Mayor and his administration will use the Valuer-General’s report to justify increasing rates even higher than his original prediction," he said.
“Brisbane residents are already shouldering the burden of council’s $2.3 billion debt and I call on the Lord Mayor to rule out excessive rates increases that are well above the rate of inflation.”
Cr Quirk said QTC asked for rate estimates each year, which could be adjusted.
"We need to look at assessments versus reality," he said.
"We also take whatever monies we need to take, we take those funds necessary to make sure we progress the good governance of this city.
"The amount of rate increase is determined by the needs of the city.
"We are not in any position to predict, so I leave it at that."