Site value
Residential land - image courtesy of Tourism Queensland
In accordance with the Land Valuation Act 2010, non-rural land in Queensland is valued using a site value methodology for statutory valuation purposes.
Site value is the market value of the land in its present state. It includes the value of any site improvements made to the land (e.g. filling, clearing, levelling and drainage works undertaken to prepare the land for development).
Site value does not include the value of:
- structural improvements on the land such as houses, sheds and other buildings
- excavations necessary for structural improvements on the land (such as building foundations, footings or underground car parks)
- the existence of any leases, agreements for a lease, development approvals or infrastructure credits and their added value (if any).
If your land has been valued using site value, it is because it has been designated non-rural for statutory valuation purposes.
In determining whether land is rural or non-rural, the Valuer-General determines a valuation methodology based on the zoning of the land under a State-endorsed planning scheme, or equivalent local planning scheme. Land which is zoned rural is designated as rural (for statutory valuation purposes) and is valued using the unimproved methodology. All other land is designated non-rural (for statutory valuation purposes) and is valued using site value methodology.
For further information on site value and rural/non-rural land delineation, refer to the valuation resources page on this website.
Deduction for site improvements
The deduction for site improvements is a deduction from a site valuation for the added value of site improvements made to the land in preparation for development.
If your land is valued using site value, and as the current landowner, you have undertaken site works in the 12 years prior to the effective date of the new site valuation, you may be eligible for the deduction for site improvements.
You may also apply for a deduction for site improvements, for new works undertaken and paid for.
For more information please refer to the Landowner guide to deductions for site improvements – statutory land valuations.
Offset allowance
The offset allowance was introduced as a transitional provision to assist landowners who experienced increases greater than $1 million in their statutory land valuation, as a result of the introduction of site value. The offset allowance was only applicable in 2011 (the first year that site value was introduced) and was designed to assist in mitigating the financial impact of the ‘one off’ site value increase by incrementally phasing in the increase over a 12-year period.
Last updated 26 March 2012