The Petition of residents of the State of Queensland draws the attention of the House to new land valuations recently issued with a date of effect of 30 June 2007. Valuations have increased in some areas by as much as 50 per cent, compounding the effect of re-valuations two years prior of as much as 100 per cent. The resultant valuation amount can now be so high that a realistic sale taking this amount into account may severely undervalue the worth of improvements. In some instances the new valuations of unimproved land far exceed the expected sale price of land together with house and other improvements. This latter outcome especially makes nonsense of the new valuations. Importantly, the valuation process lacks transparency and logic. Excessively inflated land valuations cause a huge hike in land taxation and local government rates, and ultimately severely disadvantage new home owners. The petitioners request the House to immediately rescind the new valuations, to review the process involved to make valuations more reasonable and to ensure that from now on and at no charge to the property owner, each new valuation is accompanied by a detailed description of the process and relevant benchmarks involved to reach the new amount.