About statutory land valuations in Queensland
How rural land is valued: unimproved value
Land that is zoned rural under a state or local government planning scheme is valued using the unimproved value methodology.
If your valuation notice shows a new unimproved valuation, the land was valued as rural land.
Note that land zoned as rural-residential or equivalent is valued as non-rural land.
Land that is designated rural (for valuation purposes) will change to non-rural land if, under an approved development application for a material change of use, it is used for an urban purpose.
What does the unimproved value include?
Unimproved value reflects the value of the land in its natural, undisturbed condition. It is the amount for which rural land could be expected to sell for without physical improvements such as houses, fences, clearing, levelling and earthworks.
The unimproved valuation methodology does not take into account the existence of any agreements for leases, development approvals or infrastructure credits and their added value.
How is unimproved value determined?
Our valuers monitor the property market, recording and analysing rural sales in the local area to determine the current unimproved value of land. A valuer may contact a vendor or purchaser to ascertain whether or not a sale is genuine or to gain a better understanding of the circumstances of a sale.
Vacant or lightly improved land sales are used to determine unimproved value, where available.
Improved land sales may be used to determine unimproved value for grazing and farming properties. In these cases, the added value of the improvements (if any) is excluded in the analysis of the sale.
Concession when land is used for farming
You may be entitled to a concessional valuation if your land is used for farming.
In this guide:
- What is considered when valuing land?
- How rural land is valued: unimproved value
- How non-rural land is valued: site value
- Understanding your valuation notice
- How land valuations are used
- Why your neighbour's valuation may be different to yours
- What to do if you disagree with your valuation
- Impact of floods and adverse events on valuations
- Privacy and use of information