The official state land valuation for the Somerset region was released on 26 March, with an overall increase of 54 per cent since the last valuation issued in 2022, bringing the total value of the region’s land to $4,970,764,700.
Somerset Regional Council Mayor Jason Wendt said the region had never had a land valuation increase so significant.
“Somerset was only one of five council areas in southeast Queensland that has been assessed by the State valuers this year and to have an increase of 54 per cent in Somerset is telling in terms of what is happening in our region,” Cr Wendt said.
“Somerset is a great place to live, and buyers are coming to our area in significant numbers to discover our lakes, river, Brisbane Valley Rail Trail and friendly communities.
“Soaring land values are a silver lining for our community, where many people have been hit hard by the economic impacts of natural disasters.
Member for Nanango Deb Frecklington urged landholders to carefully review their individual valuation notices when they arrive in the mail, and to consider if they should lodge an objection before the closing date of 27 May, 2024.
“Land valuations are the basis for rating, land tax and state land rental purposes and the new valuations will take effect from 30th June 2024,” Mrs Frecklington said.
“If you believe your land valuation may be incorrect, I would encourage landholders to lodge an objection.
“I am aware of some landholders who have saved on their local government rate bills by successfully objecting to an incorrect valuation.”
Residential land valuation increases are as follows: Coominya – 40.5pc, Esk – 61.1pc, Fernvale – 54pc, Kilcoy – 45.8pc, Linville – 54.2pc, Lowood – 43.3pc, Minden – 40pc, Moore – 25.7pc, Somerset Dam – 56.8pc, Toogoolawah – 77.8pc, Woolmar – 36.2pc.
“The Somerset region has seen a 73.4 per cent valuation increase in Primary Production land in the latest review and a 40 per cent increase for Rural Residential land,” Mrs Frecklington said.
“There have also been some significant increases in median values for Residential land resulting in an overall median value of land being $185,000, an increase of 51.6 per cent.”
More details about the State land valuations are available at resources.qld.gov.au
