When valuing strata properties, the Valuer General determines the land value for the whole site of a strata scheme. The valuation will take into consideration the most valuable possible use for the whole site. This may exceed the current level of development on the site.
Strata land is valued like most land in NSW, using a mass valuation approach as described above. Rating and taxing for a single strata unit is worked out using the unit entitlement listed in the strata plan. The unit’s land value is a portion of the strata scheme land value, based on unit entitlement.
The Valuer General does not allocate unit entitlements. If you have any questions or concerns about unit entitlement please call NSW Fair Trading 13 32 20 or go to www.fairtrading.nsw.gov.au.
More information on valuing strata sites can be found in the fact sheet Valuing stata sites (PDF 156.6 KB) and in the Valuer General’s valuation policies which are relevant to valuing high density sites:
Valuation of high density residential sites (PDF 267.0 KB)
Valuation of industrial land (PDF 295.3 KB)
Valuation of commercial land (PDF 295.3 KB)