Region’s land values issued

Region’s land values issued

 

GLADSTONE Regional Council land values dropped 7.8% since our last valuation in 2018.

Issued on March 31 by the Queensland Government’s Department of Resources’ Valuer-General, the latest valuation reflects land values at October 1, 2020, and do not take into consideration the positive shift in the local property market since then.

According to the Valuer-General’s Department, residential land values have decreased significantly in Gladstone suburbs, Miriam Vale and Turkey Beach, while the median value of residential land in the Tannum Sands was unchanged at $131,000.

“Multi-unit residential land values in the Gladstone Regional Council generally decreased moderately as a result of low demand for home units,” a department report said.

“Industrial land values in the Gladstone Region generally remained steady based on balanced demand for industrial land in the region.”

According to Gladstone Regional Council, despite popular belief, local government rates are not determined by a simple property value multiplied by general rate equation.

“To make rates as fair as possible, all local governments apply more considered equations to their rate notices, in accordance with Local Government Regulations,” Council said.

“The first step is to determine how much rates revenue must be generated in order to deliver the wants and needs of the community.

“A reduction or increase in a community’s property values does not necessarily result in an equal reduction or increase in the costs of providing services to that community.”

The Valuer-General uses several techniques to determine land values including researching the property market, examining trends and sales information for each land use category, conducting interviews with vendors and purchasers of property, while also considering the physical attributes and constraints on use of the land.

If you disagree with your land valuation you have 60 days, until May 31, to lodge an objection.

Property owners with land valuation enquiries can contact 1300 664 217.

Land valuation listings can be viewed online at qld.gov.au/landvaluation, or in person at council’s office at 101 Goondoon Street until June 28.