Rural land is valued like most other land in NSW, using the mass valuation approach. To value representative properties, valuers compare sales evidence with the land they are valuing. Valuers consider all factors that influence the land’s value such as:
- land classification
- land size
- productivity of the land
- property market conditions as at 1 July in the year of valuation
- most valuable use of the land.
Land classifications are common land classes based on general use such as cropping, grazing, irrigation and horticulture. They are further defined by consideration of physical features of the land such as soil, topography or timber. Properties may contain different land classes. When valuing these properties a rate for each land class will generally be determined and applied.