Magnetic Island targeted in land value rises of up to 272%
Property owners are bracing for hefty increases in council rates as the state government releases new land values.
Townsville
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Property owners on Magnetic Island and the inner-city are bracing for hefty increases in council rates as the state government releases new land values to apply from June 30.
While the changes are being blamed on record low interest rates and the housing boom, it is apparent there have been big changes in the relative values within Townsville since the previous determinations in 2020.
Magnetic Island, in particular, appears to have has come in for a Covid reckoning.
For example, the idyllic location of Florence Bay, previously valued like a backwater akin to the suburb of Condon, is now being given the city’s top billing with a 272.4 per cent increase to $485,000 in its median residential value.
By comparison, the median value on millionaires’ row on Castle Hill is $375,000.
Arcadia (102.6%), Nelly Bay (52.5%), Picnic Bay (42.9%), West Point (59.3%) and Horseshoe Bay (48.6%) all face big increases.
Other areas like Cluden, Bohle, Hermit Park, Mount Louisa, Paluma, Rollingstone, Saunders Beach, Toomulla, Toolakea, Stuart, Nome and Vincent have remained unchanged.
Some areas like Shaw (-7.5%) and Bushland Beach (-1.6%) have dropped in value.
Overall, residential land values for Townsville are up an average of 10 per cent.
Resources Minister and Townsville MP Scott Stewart released a statement deferring to the “independent Valuer General”, while opposition spokesman Pat Weir said Mr Stewart deflecting his responsibility over flood-affected property owners was a disgrace.
Mr Stewart said the government understood many properties had been impacted by flooding.
He said a land valuation may be amended if floods, cyclones or other natural disasters caused the land to be “permanently damaged”.
On council rates, Mr Stewart said the valuations were only a guide for councils when considering total rate charges for landowners.
“Whether councils pass valuation changes on in their rates is a matter for them. Councils have the ability to waive rates for flood-affected properties,” Mr Stewart said.
Mr Weir said it was not surprising land valuations had increased in line with market rises.
“But the increases in land valuations will undoubtedly mean higher land tax, at a time many Queenslanders are suffering from the effects of the floods and Covid-19,” Mr Weir said.
“It is clear the State Government has failed to consider the impact higher rates and land tax will have on those who are doing it tough.”
He said the Minister must outline the hardship provisions for flood-affected property owners and businesses who continued to suffer from the effects of the Covid pandemic.
Land owners can lodge objections to the valuations until May 30.
Originally published as Magnetic Island targeted in land value rises of up to 272%
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