When determining statutory land values, valuers from our department:
- research the property market
- examine trends and sales information for each land use category (e.g. residential, commercial, industrial and rural)
- inspect vacant or lightly improved properties that have recently been sold
- consider the land’s present use and zoning under the relevant planning scheme
- take into account physical attributes and constraints on use of the land.
The valuation methodology used to value land is determined by how the land is zoned under the Queensland planning provisions or the equivalent local government planning scheme.
- Land that is zoned rural under the relevant planning scheme is valued using the unimproved value methodology.
- All other land, including land zoned rural-residential, is valued using the site value methodology.
Properties with multiple zoning
If a property is covered by two or more zonings under a town or state plan, the predominant zoning on the property determines the valuation methodology. For example, if more than half the area of land is zoned rural, then the land will be designated as rural land and valued using unimproved value.
Where applicable, valuers consider physical attributes such as:
- shape, size, topography, views, aspect and elevation
- light, air, noise and vibration
- erosion, flooding and permanent damage from adverse natural events
- limitations due to waterways or environmental corridors
- weeds, pests, carrying capacity and country classification
- accessibility to the land
- access to water and to essential or desirable services
- mining operations.
Constraints on use
Some examples of constraints on the use of land that are considered in the valuation are:
- height or development restrictions under local government or state planning schemes
- encumbrances (e.g. registered easement, covenant or caveat)
- location of transmission lines
- listing on a heritage register or contaminated land register
- town planning restrictions
- vegetation protection orders
- remnant vegetation and associated legislation
- location of sewerage or stormwater mains and/or inspection caps
- reduced carrying capacity (for rural land).