Land valuations in the post
LANDOWNERS in the Southern Downs region can expect their latest State Government valuations in the mail today, along with a hefty increase.
The latest round of unimproved land valuations (UCVs) which are used in part to calculate council rates, shows our region’s overall average land value has increased by a whopping 45.29 per cent.
This covers all land types including residential, rural, rural lifestyle, commercial and industrial, however figures on the Department of Environment and Resource Management (DERM) website only provide specific details for residential land values.
These have increased by 24 per cent in Warwick since 2006, compared with a staggering 102 per cent in Stanthorpe, which was last valued way back in 2004.
The government determines land valuations by analysing property sales data and subtracting nominal values for “improvements” including homes, commercial and industrial buildings and, in the case of rural property, sheds and other outbuildings.
The system is expected to change next financial year to better reflect the market value of land as though it were vacant and “seen from the street” by a valuer, but it will not apply to rural land.
The latest round of valuations is the first uniform set produced for the Southern Downs region since amalgamation of Warwick and Stanthorpe in March 2008.
A spokesman for DERM said the majority of the real estate market sectors had increased since valuations were last issued.
“The urban changes are a result of both the length of time since the last valuation and a population trend to this area,” the spokesman said.
He said it was important to realise valuation notices were not rates notices, saying rates were set by councils.
Mayor Ron Bellingham has foreshadowed a rise in rates in the council budget in July thanks to amalgamation, but said if individual property valuations had increased by less than the overall regional average an owner was unlikely to see a rise in rates.
He said council was expected to move in the new budget to a new rating system, with a different rate in the dollar for each land category.
Warwick: up 24 per cent ($84,000)
Stanthorpe: up 102 per cent ($74,000)
Allora: up 39 per cent ($74,000)
Killarney: nil movement ($43,500)
(Figure in brackets average residential UCV).