New assessments of primary production land in 21 of Queensland’s local government areas reflect continued confidence in the rural economy, despite prolonged drought conditions.
Notices to landowners in the Goondiwindi, Scenic Rim, Banana, Livingstone, Rockhampton, Mackay and Cassowary Coast regions, as well as a number of North West Council areas, were among the 14,879 letters of assessment updated. issued this week throughout rural Queensland.
In the south of the state, the biggest increase in value will be felt by landowners in the Goondiwindi Regional Council, who will have to absorb the impact of a 37.9% increase.
Similar shocks will be felt in the Fraser Coast Regional Council area with an increase of 44.3pc, in Bundaberg Regional Council where there is an increase of 46.6pc, and in the Winton Shire Council, where the value of land increased by 55.3pc, the highest in the state.
Also in the Northwest, rural land values increased 35.9% in Richmond County, 35.1% in Flinders County and 32.9% in McKinlay County.
In Burke County there was an increase of 31.5%, in Mount Isa City the increase is 31.8% and in Cloncurry the increase is 29.3%.
In Cloncurry, an excess supply of housing via an asset disposal plan has contributed to a 58.3% reduction in residential values and an overall drop in valuations of 10.6% since the last valuation in 2016.
Banana Shire landowners have an increase of 26.3pc while increases of 10.3pc and 10pc will be felt by producers at Livingstone Shire and Rockhampton Regional Council respectively.
In the Scenic Rim, there is an increase of 11pc, in the Mackay area it is 24.9pc, and for the Cassowary Coast Regional Council, valuations are up 19.6pc.
The increases can be attributed to the continued effects of higher raw material prices for beef and wool as well as low interest rates, according to Queensland’s Assessor General Neil Bray.
He said that despite years of unique drought and flooding, industry fundamentals and consistent land sales had resulted in a significant increase in rural land valuations in parts of the state.
Sales of rural land showed significant increases in value across the mixed field crop of brigalow and irrigated floodplains in the locality of Goondiwindi, and west in the locality of North Talwood.
Mr Bray said areas of Winton County were prone to the fringe of heavy rain that caused major flooding in northern local government areas.
“The impact at Winton was less severe and although there was some stock loss, the event was generally beneficial,” he said.
In addition, a comprehensive market-based rural appraisal review was undertaken with Winton County to improve appraisal consistency.
State valuation service regional director David Hobbs said year-over-year market research did not provide sales volume to revise values in Winton County , but the evaluator general did not want to leave any more reassessments.
“It was a slow burn,” he said. “The valuations are part of the market catching up as well as house price increases over the past 12 months.”
Compared to prices paid in other parts of the state, the grassy lands of Northwest Mitchell are increasingly seen as an affordable option.
Appraisals are used to determine property tax, the rental price of leased Crown land and by local councils to help determine rates.
Mr Bray said property owners who believed their assessment was incorrect and could provide supporting information should file their objection online or at the address listed at the top of their assessment notice by May 5.
For property owners without internet access, an objection kit including a step-by-step guide can be sent by calling 1300 664 217.
Property owners can access the latest appraisal data using the Find Your Annual Appraisal online search available on the Land Assessment Website.
Queensland Earth Globe Also gives property owners access to more detailed appraisal information allowing users to search for a property or scroll the map to areas of interest and zoom to the individual property level.
A rural sales map for large rural counties is also available online and at selected locations to assist landowners – allowing landowners to compare their assessments with others in their area.
Hard copies of the assessment list can be viewed at business centers of the Department of Natural Resources, Mines and Energy and at local government offices during normal business hours until June 2.