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NSW land value tops one trillion

The value, as at the 1 July 2013 of 2.4 million properties around the state has exceeded $1.003 trillion. This is the first time that the state’s total land values for rating and taxing has exceeded a trillion dollars. For more information please see the Valuer General’s media release (PDF 138.1 KB).

Every year approximately one third of Local Government Areas (LGA) receive new valuations to assist with their rates modelling. 774,000 Notices of Valuations are being sent to ratepayers in 57 LGAs this month, showing the value of properties based on market conditions as at 1 July 2013.

The latest land Notice of Valuations will help the 57 LGAs determine the amount of council rates property owners pay.

Details of which LGAs will receive Notices of Valuation this month can be found in the council revaluation schedule (PDF 243 KB).

Those 57 councils will review their rates model for this year based on the new valuations. Valuations are one of the factors councils will use to determine each landowner’s rating liability. Increases or decreases in land values do not necessarily lead to similar increases or decreases in rates.

 

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