What is the unimproved value of the land?
Unimproved value is the amount your land could be expected to sell for in its natural state. This is prior to the construction of improvements such as houses, structures, fences, piping and leveling but takes into account access to local amenities such as shops, public transport and schools. The valuation also has regard to the present use of the land, its designation under a planning scheme and its highest and best use. This is the last year that unimproved value will be used for valuing non-rural land in Queensland. The government has announced that from the next valuation, in 2011, it will move to a site value methodology for non-rural lands, consistent with practices in other Australian states. Site value represents the land’s current market value and reflects what could actually be “seen from the street” Under site value, the value is based on what the vacant land would sell for in its present state. This will provide a simpler methodology supported by the property industry, local
