Council has endorsed a proposal by the Queensland Government to carry out annual valuations of rateable land in the Scenic Rim to provide a more accurate picture of values across the region.
Scenic Rim Mayor Greg Christensen said accurate and up-to-date land valuations were vital for landowners in understanding the site value of their properties as well as for Council in calculating fair and equitable rates.
“Council has advocated for annual land valuations since 2018, when the first valuations in three years saw increases in values of upwards of 80 per cent in some areas in our region,” he said.
“We welcome the current proposal for annual valuations in the Scenic Rim, recognising the impact increased valuations have on our communities and on Council.
“Annual valuations will better reflect current economic conditions and provide greater certainty for Council in its budget preparations in the calculation of rates.”
The most recent annual valuation undertaken in 2021 saw notable fluctuations in values throughout the Scenic Rim, with two-year averaging of valuations applied to manage this in Council’s 2022-2023 annual budget process.
The State Valuation Service has proposed the revaluation program commence in late 2022 and take effect from 30 June 2023.
“Given the market trends – particularly in the first half of this financial year which has seen increased interest in property and development in the Scenic Rim – there is certainly merit in revaluations which would better reflect fluctuations in values,” Mayor Christensen said.
“As we are currently in the first year of a two-year averaging process, early access to data for revaluations effective 30 June 2023 would assist in the preparation of Council’s budget for the 2023-2024 financial year.”