Municipal councils around Australia are today grappling with the issue of skyrocketing farmland prices as they prepare to send out rates bills.
Experts agree prices being paid for farms have hit previously unthinkable amounts and will necessarily impact on valuations.
A windfall for those selling but an anxious wait for those who have stayed, and already face fast rising input costs including fuel, power and fertiliser.
National Farmers' Federation president Fiona Simson raised the issue of council rates in her first meeting with the new federal Agriculture Minister Murray Watt this week.
Ms Simson also pointed to the record farmland sale prices.
"This was the largest year-on-year increase in dollar terms in the last 27 years and the largest rise in percentage terms since 2005," she said.
"Land values impact annual costs such as council rates."
Municipal councils have already begun adjusting valuations to include the rural property bonanza in their rating strategies.
Regional housing prices have also experienced record levels of growth in the past year.
But the rate rises are expected to hit farmers the hardest.
Some state farm lobby groups have calculated expected rate rises will be above 10 per cent again this year, despite the protestations of the councils.
States like New South Wales and Victoria have fixed rating caps so councils cannot impose rises of more than one or two per cent.
The rate cap applies to the council's total rates revenue and not individual properties.
Most of the other states follow the same practice, although it's not law.
But the biggest number in the often confusing equation applied by councils remains the same - property values.
The council as a whole might have a cap on rates, or apply a "fairer" strategy like differential rating but the cost to individuals can vary widely, based on that property value.
Most states - South Australia, Queensland, NSW and Victoria - revalue land each year so councils can figure out their rates formula.
For the others like Western Australia, Tasmania and the Northern Territory, revaluations occur each three years or even six years.
Queensland farm lobby group AgForce has again told landholders this year to object if they wanted to their new land valuations to head off big rate rises.
The Victorian government is considering farm rates in its reforms to the rating system.
It has seized on the suggestion of a "valuation averaging mechanism" to prevent the sudden hits to farm bills.
"The Government fully supported the recommendation to examine the merits of a valuation averaging mechanism for rates to lessen the effect of sudden rates increases by spreading them over several years," a government spokeswoman said.
"Implementing such a mechanism requires extensive modelling and will be explored in consultation with councils and ratepayers."
AgForce is urging Queensland landholders not to delay if they want to object to new land valuations - or risk being lumped with higher council rates and rent.
Queensland's Valuer-General has already released updated valuations in local government areas.
Some of the highest rises are in Boulia (350pc), Burke (328pc), Carpentaria (335pc), Croydon (222pc), and Etheridge (192pc).
"Booming land sales continue to threaten farmers with yet another year of unfair rate increases expected in 2022/23," Victorian Farmers' Federation president Emma Germano said.
"Instead of blaming rate increases simply on land value increases, local councils need to use the tools at their disposal to ensure the rate burden is not shifted further onto the farming sector," she said.
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