Land valuations are determined by the NSW Valuer General using a mass valuation process. This considers property sales of both vacant and improved properties, and adjusting for the added value of improvements.
The most valuable use of the land is considered, along with zoning and heritage restrictions, location and views, size, shape and features, and nearby development and infrastructure.
The Valuer General is an independent statutory officer the Governor of NSW appoints to oversee the valuation system, and is responsible for providing fair and consistent land values in NSW, in line with the Valuation of Land Act 1916.
Land value is the value of your land only, It does not include the value of your home or other structures. It does, however, include land improvements like draining, excavating, filling, clearing and retaining walls.
Land valuations are determined on a three year cycle, with the most recent valuation occurring in 2019.
Every three years, land holders are provided a new land value evaluation to tell them what their new value of their land is. The Valuer General sent a revaluation to every property owner in the LGA in early 2020, with this being effective from1 July 2020.
If you disagree with the valuation you can request a review by the Valuer General within 60 days.
How does land valuation affect your rates?
The value of your land is a critical element in the calculation of your annual Council rates, which consist of both a fixed amount paid by all ratepayers within a rating category, plus a cents in the dollar amount for each dollar of land value as per your valuation. An increase in land value does not necessarily mean an increase in rates. However, some people may pay more or less depending on the changing value of their land, relative to changes in land value across the city.
More information on the valuation process can be found here.
2020 Valuer General newsletter
The 2020 NSW Valuer General Newsletter will be included in the annual rates notice mail out in July. It is also available here.