Land valuations are determined on a three year cycle, with the most recent valuation occurring in 2016. Importantly, land valuations don't include the value of the house or any improvements on the property.
Every three years, land holders are provided a new land value evaluation to tell them what their new value of their land is. 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?
Only part of your land valuation is linked to your rates. This is the Ad Velorem component, the other component is the Base Amount, which is a flat charge that all rate payers pay.
So 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.