Land values across the north coast have risen in the past year, according to the latest government figures.
The land values, which reflect the property market at 1 July 2016, were issued on Friday by the NSW Valuer General, Simon Gilkes.
Mr Gilkes says land across the North Coast region has been independently valued on behalf of the Valuer General, and the valuations quality assured through a range of system checks and audits.
He said Western Sydney University has independently checked the quality and accuracy of the land values for residential, rural, industrial and commercial property against industry recognised valuation standards.
Mr Gilkes said when determining land values, property sales are the most important factor considered.
‘Land values do not include the value of the home or improvements to the land,’ he said.
‘Land values are one factor used by councils to calculate rates.
‘Changes in land value don’t always mean a change in council rates.
‘Each council develops a revenue policy which is used to determine rates charged to fund community services. Councils make their draft revenue policy available for public comment.’
From 1 July 2017 land values will also be a factor used to calculate the Emergency Services Property Levy (ESPL) which will replace the current levy on property insurance. The levy will help fund fire and emergency services across NSW.
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. This gives landholders time to consider their land value.
Landholders can find more information about their Notice of Valuation at www.valuergeneral.nsw.gov.au or by calling 1800 110 038.
Landholders who are concerned about the land value recorded on their Notice of Valuation have 60 days to lodge an objection. The last date to object is printed on the Notice of Valuation.
| Total land values for the North Coast region Land use type | 1 July 2015 | 1 July 2016 | % change |
| Residential | $35.64 billion | $39.10 billion | 9.7% |
| Commercial | $2.74 billion | $2.92 billion | 6.5% |
| Industrial | $1.05 billion | $1.13 billion | 7.3% |
| Rural | $12.54 billion | $13.19 billion | 5.2% |
| Other | $2.33 billion | $2.51 billion | 7.8% |
| Total | $54.29 billion | $58.84 billion | 8.4% |
