There is a process for a land-owner to object to their land valuation. That process is administered by the Queensland Valuer-General.
For body corporate properties, the person entitled to lodge an objection is the body corporate. To lodge an objection to a body corporate valuation, requires a majority decision of the body corporate committee.
If you disagree with your body corporate’s land valuation, these are the steps to lodge a request to make an objection:
A valuation for insurance replacement cost is a specific body corporate valuation. It is not related to the land valuation. This valuation type is to assess the cost to rebuild the physical building if it were destroyed in an insurance event (e.g. a fire). The cost of re-building the building is not related to the market value of the land it sits on – instead it will depend on the type of construction, age, level of finish and size of the building.
When buying, selling or refinancing a home loan, your bank may ask for a valuation of your body corporate lot. This is a market valuation of your lot, and is to estimate what your lot would be worth if you sold it on the real estate market. This is unrelated to a land valuation.
Whilst not technically a valuation, this report assigns a cost to upcoming capital maintenance so that the body corporate can set accurate future budgets. Read our detailed article on sinking funds.
By-laws are the set of regulations established by a body corporate to oversee and regulate how a body corporate should operate. Your scheme’s by-laws are found in Schedule C of your body corporate’s Community Management Statement (CMS).
Many body corporate decisions are decided by vote at either an annual general meeting or an extraordinary general meeting. This article looks at the different types of resolutions and the criteria required to determine an outcome.
