Land valuation swing predicted over next financial year
SEVEN out of 10 property owners will face a rate rise of 6 per cent or less over the next financial year, despite the value of land in Cairns dropping by 8.5 per cent.
The average ratepayer – about 52,000 of 79,000 property owners – will pay 3.7 per cent more in general rates, while almost 5000 owners will see their rates bill fall.
Mayor Bob Manning said the latest State Government land valuations had impacted rates, with some land values falling by
30 per cent while others rose by 38 per cent.
“When you’ve got a big increase in your (land) valuation you’ll pay more than 3.7 per cent,” he said.
“It generally relates to sales evidence, if the place next door to you sells for a (high amount), you can bet your valuation will go up as well.”
The latest land valuations, released in March, showed the Cairns Regional Council’s land values had dropped by 8.5 per cent overall since the last valuation in 2011.
The southern corridor experienced the biggest fall, with the median value of land at Gordonvale decreasing by 20 per cent.
Ratepayers at Bayview Heights and Redlynch can expect to pay more after their suburbs increased in value. Herron Todd White property research director Rick Carr expects big swings in land values to be rare.
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