Landholders in Queensland have recently received new land valuations which reflect land values as at 1 October 2020. Balonne Shire has seen a significant land value jump with an increase of 80.1% overall since the last valuations in 2017.
- Residential values have had moderate increases in St George and Mungindi but have fallen significantly in Dirranbandi.
- Within St George, the commercial market is stable, and there has been moderate to significant increases within the rural residential and industrial markets.
- Rural land has seen the biggest change with an average increase of 89.3% in land value. Strong confidence in the rural sector has led to significant increases across all rural country types except for a moderate increase in the irrigation scheme area.
Other local areas affected by significant average increase for rural land include Bulloo with 128% and Quilpie with 108%.
If you have any concern that your valuation is incorrect, particularly if there has been a significant increase from your previous valuation, you must act before 31 May, 2021 to preserve your rights.
How is land valued?
Valuations are based on market value, evidenced by sales in the relevant period. Rural land is valued using the “unimproved value” method, which assumes land is in its natural state without improvements. For non-rural land, “site value” is used, which takes into account site improvements such as filling, clearing, rehabilitating, retaining or preparing the land for development.
Your land valuation is then used to calculate council rates, land tax and state land rental (for leasehold land). Generally, an increase in your valuation over and above similar property in the Shire means an increase in your rates, land tax or land rental.
What if you disagree with your valuation?
If you do not agree with your land valuation, you may lodge an objection online using one of the following “acceptable grounds of objection” along with supporting evidence:
- Sales evidence supports a different value.
- Physical characteristics or constraints on the use of the land support a different value.
- Other issues which may affect the valuation.
- Deduction for site (for land valued site value only)
We have been successful in assisting clients in objecting to valuations in the past where the land type used by the Department in arriving at the valuation was not reflective of the actual land type or where separately titled water entitlements were still included in the land value.
Any objection must be supported by information sufficient to demonstrate that the valuation is wrong. This may require evidence from a valuer, town planner or other expert, as well as any other documentation you have to support your value. It is therefore advisable to start preparing your objection well in advance of the closing date.
If you have not yet received your latest valuation, you can access it using the Find your annual valuation online search available on the Land Valuations website.
Queensland Globe also gives landowners access to more detailed valuation information allowing users to search for a property or pan the map to areas of interest and zoom down to individual property level.
Remember, the opportunity to lodge an objection to your land valuation closes on 31 May 2020.
If you would like more information or assistance with the DNRME valuation and objection process, please contact a member of our property team.