The following terms may appear on your Notice of Valuation. For more information see frequently asked questions or call us on 1800 110 038 or +61 2 6332 8188 (international callers).
Register of Land Values
The official record of land values for land in NSW. The Register of Land Values contains information that includes ownership or rate paying lessee details, title details and the value of the land.
The value of the land only. It does not include structural improvements and the legal effect of encumbrances such as easements. However, works including clearing, filling, draining and retaining walls are included.
Land value as at 1 July
To keep valuations consistent, land is valued to reflect the property market as at 1 July in the year of valuation.
A new land value is determined outside of the usual three to four year valuation cycle because of changes to your property that are recorded on the Register of Land Values.
Supplementary valuations can occur due to subdivision, changes to zoning or if a land value is amended (other than through the objection process).
An easement is an acquired legal right enjoyed by the owner of land over the land of another. Land valuations do not take easements into account, as the valuations are required to be made on the hypothetical basis that the land is free of impediments to title. However, the physical effects of an easement, for example transmission lines, access roads and pipes laid for drainage, will be reflected in the land value.
This is the highest form of ownership of land available to members of the public and is commonly known as freehold ownership, disregarding encumbrances such as covenants, caveats and other restrictions. It provides a common basis for all land to be valued to ensure equity for the purposes of levying rates and taxes.
It should be noted that the actual title vested in the owner could differ from ‘fee simple’ as used for the valuation, through the effect of caveats, covenants and other restrictions.
These are recognised under two different Acts for rating and taxing purposes. See the heritage restrictions page for more information.
Heritage Act 1977
Properties listed on the State Heritage Register are valued under the provisions of sections 124 and 125 of the Heritage Act 1977. The value is known as a heritage value and takes into consideration the impact of the heritage listing. The heritage value is used for rating and taxing purposes.
Valuation of Land Act 1916
The land value of properties that are heritage restricted by a planning instrument such as a local or regional environmental plan is determined in accordance with section 14G of the Valuation of Land Act 1916. The heritage restriction is considered when determining the land value used for rating and taxing purposes.
The median land value or median sale price is the half-way value in a series of land values or sale prices from lowest to highest value. Approximately half the properties in a location will have a higher value and half will have a lower value than the median.
For example if there are nine sale prices for properties and they are arranged from lowest to highest, the median will be the fifth or middle value in ascending order.
The median gives an indication of the value of a typical property in a location such as a suburb or local government area. Graphing the median value for a location over time gives an indication of the movement in value of a typical property in that location.
Concessions and allowances
Concessions and/or allowances applying to your land under the Valuation of Land Act 1916 (the Act), may reduce the land value on which you are liable to pay rates and/or taxes. If a concession or allowance applies to your land it should be printed on your Notice of Valuation or land tax assessment.
Allowances include profitable expenditure (onsite/offsite) and subdivision allowance.
Concessions for restrictions include statutory restrictions, mixed development apportionment factors and mixed use apportionment factors.
If you believe you are entitled to a concession or allowance, or if you believe the amount of the concession or allowance applied to the land is incorrect, you can lodge an objection. If you wish to lodge an objection, you will need to provide the following supporting information:
- the type of concession or allowance to which you are objecting
- the amount of the concession or allowance currently showing on your Notice of Valuation or land tax assessment
- the amount you think it should be
- details of the nature, date, and costs of any works for profitable expenditure allowances.
Concessions and allowances apply to the land only and do not relate to any concessions or allowances that may apply to your personal circumstances, for example pensioner concessions.