The Valuer General values land in New South Wales under the Valuation of Land Act 1916. Land values are determined as at 1 July each year and reflect property market conditions at that time. The Valuer General provides these values to local councils and the Office of State Revenue (OSR) for rating and taxation purposes.
Land value is the value of your land only. Land value does not include the value of your home or other structures and improvements on your land. However, works including clearing, draining, filling and retaining walls are included in your land value.
Property NSW manages the valuation system on behalf of the Valuer General. They provide a range of valuation services including:
Most land is valued using the mass valuation approach, where properties are placed together and valued in groups called components. The properties in each component are similar or are expected to reflect changes in value in a similar way.
Representative properties are selected from components and individually valued each year to determine how much the land value has changed from the previous year. This change is then applied to all properties in the component to determine their new land values. Sample valuations are then checked to confirm the accuracy of the new values.
During the valuation process, valuers analyse sales of both vacant land and improved properties, making adjustments for the added value of improvements.
The value of improvements is their worth as reflected by the real estate market in an area. The value of improvements is generally not equal to their replacement or insurance value.
When comparing property sales to the land being valued, valuers consider factors such as:
Concessions and/or allowances that impact on your land value will be printed on your Notice of Valuation. Factors such as personal circumstances, council rates and land tax liability are not considered when determining land value.
Your land value is used by local councils and the State Government for rating and taxation purposes.
Rating - General valuation lists containing land values are issued to councils for rating purposes at least every four years. These land values are fixed for rating purposes until a new list is issued. Land values are one factor used by councils in the calculation of a landowner's rating liability. Increases in land values do not necessarily lead to similar increases in rates. Contact your council to find out how it uses land values in determining rates.
Land tax - The Valuer General supplies land values annually to the Office of State Revenue (OSR). OSR manages land tax and issues land tax assessments to registered liable landowners. If you own property in NSW, other than your principal place of residence or land used for primary production, you may be liable for land tax if the total value of land exceeds the land tax threshold. The land tax threshold for 2008 is $359,000. All property owners who may be liable for land tax must register by 31 March 2008. For further information regarding land tax, please visit the OSR website at www.osr.nsw.gov.au or phone 1300 139 816 (within NSW). The OSR website contains information on exemptions, concessions, a land tax calculator and online registration for land tax.
Your Notice of Valuation shows the land value of your property. Landowners receive their Notice of Valuation when new land values are issued to the local council for rating purposes. If you receive a land tax assessment from OSR, your land value will be recorded on the assessment. You can access land values through the land value search facility on the Property NSW valuation portal . There is no fee for landowners to access their current land value (1 July 2005) through the website. Other online land value searches incur a fee.
If you would like to know more about your land value or the valuation system, you can visit the Property NSW valuation portal .
If you disagree with the land value on your Notice of Valuation or land tax assessment, you can follow the review process on the Property NSW valuation portal .
Upper Hunter Shire Council
Phone: 02 6540 1100
Fax: 02 6545 2671
Upper Hunter Shire Council is a local government authority and provides an extensive array of services including health and building; town planning; aged care; sporting and recreational facilities; roads; libraries; garbage collection; airport facilities; saleyards; public venues; water; children, youth and families and tourist information.