Central Highlands land values decrease by 4.1% overall
THE annual land valuations for the Central Highlands Regional Council area have been released with most towns recording a decrease in land values.
Blackwater recorded the most significant decrease, a 70 per cent drop in value, while Bluff, Dingo and Tieri also recorded large reductions in value.
Valuer-General Neil Bray said the valuations reflected land values on October 1, 2016, and showed Central Highlands Regional Council area's land values had decreased by 4.1 per cent overall since the last valuation issued in 2016.
"Land values have generally decreased since the last valuation, although the primary production sector experienced minor increases,” he said.
"Generally, all urban market sectors have remained static or fallen with significant reductions in Blackwater and Capella, while primary production markets increased since the last revaluation in 2015.
"Some localities such as Blackwater reflected significant decreases in median values due to the downturn in the resource industry with the median value of residential land in Blackwater decreasing from $40,000 to $12,000.”
Mr Bray said the valuations would take effect for local government rating, state land tax and state land rental purposes on June 30, 2017.
"It is important that landowners realise that valuation notices are not rate notices,” he said.
"Rates are set by local governments under the Local Government Act 2009 when they determine their annual budgets.
"The setting of rates is based on a number of factors - valuations are only one of those factors.”
Mr Bray said landowners who believed their valuation was incorrect, and could provide information to support this, could lodge their objection on the Land Valuations website or at the address shown at the top of their valuation notice by May 8, 2017.
Mr Bray said landowners could access online the very latest land valuations information by visiting www.qld.gov.au/landvaluation.