Thursday, 2 April 2020
Property owners can breathe a sigh of relief with the South Australian Valuer-General announcing a temporary freeze on the Revaluation Initiative implementation in response to COVID-19.
The South Australian Business Chamber says the temporary moratorium for 2020/21 was a win for property owners and would provide certainty until economic conditions have stabilised.
The South Australian Business Chamber Director of Policy and Advocacy, Andrew McKenna, said this was good news the business community had been waiting for.
“The South Australian Business Chamber had long argued for a delay and we welcome the South Australian Valuer- General’s temporary freeze on implementing the Re-valuation Initiative in 2020/21 and adopting a common-sense approach in face of unprecedented economic conditions,” Mr McKenna said.
“The uncertainty from COVID-19 was only going to put further pressure on property owners and tenants if updated valuations from the Re-valuation Initiative were imposed.
“While the annual revaluation will continue as per normal, the moratorium means updated property values from the latest cycle of the Revaluation Initiative will not be implemented in the 2020/21 financial year.
“This will be welcome relief for many property owners concerned about how the Revaluation Initiative might impact upon their statutory property values next financial year.
“The last thing businesses need right now is more stress and further uncertainty about cost increases from Land Tax, Council Rates or SA Water Charges. The South Australian Business Chamber commends the Valuer-General for this decision.”
