20.5 C
Byron Shire
April 11, 2021

Surprise, surprise: North Coast land values up

Latest News

A win for the roughy

The battle for the 'roughy had been a tough road for conservationists and hopefully this win will be the last fight.

Other News

Poor Pauline

Bob Vinnicombe, Sefton A lot of hypocrisy from Labor and The Greens about respect for women. Look at the treatment...

Cartoon of the week – 7 April, 2021

We love to receive letters, but not every letter will be published; the publication of letters is at the discretion of the online and print letters editors.

Kyogle unveils writers fest program

Billed as 'a small-town festival with big ideas', Kyogle Writers Festival is shaping up to be a great celebration of writing. 

Burnt, logged and flogged? Unsustainable forestry continues unabated

The North East Forest Alliance is calling for an immediate 10% reduction in wood supply commitments to north-coast sawmillers from public forests because of the widespread death of trees due to the Black Summer bushfires.

Can you help this local family find a home?

A local couple whose much-loved baby boy was taken away by government officers and then returned is asking the community for help in finding space on a property to park their mobile home.

Armed robberies in Northern Rivers

Police have been investigating two armed robberies this week, one in Byron Bay and one in Lismore.

With many on the north coast focussed on how much their properties are (or are not) worth, the NSW Valuer General, Dr David Parker, has published land values for the North Coast region.

The land values reflect the property market at 1 July 2020. Not unsurprisingly, the general value of land has gone up since 1 July 2019, with only the commercial sector showing a drop with land values falling 8 per cent. That might not sound like much, but that equates to $312,393,620 in total.

Parker said property sales are the most important factor valuers consider when determining land values. ‘2020 has been a difficult year for determining land values in the aftermath of last summer’s horrific bushfires, followed by the impacts of the COVID-19 crisis.

The impact of both bushfires and COVID-19

‘My office has undertaken separate studies of the impact of both bushfires and COVID-19 on the property market. Our valuers have applied the findings of these studies to affected areas and property types where there are insufficient sales available to determine the land values.

Dr Parker says land value is the value of the land only and does not include the value of a home or other structures.

Private contract valuers with expertise in their local areas have prepared the 1 July 2020 land values on behalf of the Valuer General, to determine new land values across the region. ‘The valuers consider a range of factors in determining land value including the features of the land and its legally permitted use.

‘Valuer General NSW has quality assured the land values for fairness and consistency.’

Revenue NSW will use the 1 July 2020 land values to calculate land tax for the 2021 land tax year. Registered land tax clients will receive a land tax assessment from Revenue NSW from late January 2021.

‘The latest land values for all properties in NSW are available on our website along with information on trends, medians and typical land values for each local government area,’ said Dr Parker.

Total land value for North Coast NSW region

Property type

1 July 2019

1 July 2020

% change

Property count

Residential

$58,214,559,103

$60,224,272,561

3.5%

190,908

Commercial

$3,814,053,542

$3,504,659,922

-8.1%

6,156

Industrial

$1,656,852,058

$1,790,456,430

8.1%

4,165

Rural

$19,958,881,589

$20,267,086,679

1.5%

56,159

Other

$3,520,063,128

$3,558,259,306

1.1%

8,131

Total

$87,164,409,420

$89,344,734,898

2.5%

265,519

 

The Valuer General NSW has established a dedicated assistance line for landholders impacted by the 2019-20 bushfires, or who believe their land value has been impacted by COVID-19. Affected landholders are encouraged to call 1800 458 884.

Studies of the impact of both bushfires and COVID-19 on the property market can be found at https://www.valuergeneral.nsw.gov.au/publications/reports.

Dr Parker encouraged the public to visit https://www.valuergeneral.nsw.gov.au or call 1800 110 038 for more information on land values and the valuation system.

The public can find more information on land tax at https://www.revenue.nsw.gov.au/


Support The Echo

Keeping the community together and the community voice loud and clear is what The Echo is about. More than ever we need your help to keep this voice alive and thriving in the community.

Like all businesses we are struggling to keep food on the table of all our local and hard working journalists, artists, sales, delivery and drudges who keep the news coming out to you both in the newspaper and online. If you can spare a few dollars a week – or maybe more – we would appreciate all the support you are able to give to keep the voice of independent, local journalism alive.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Maybe Canberra needs a bit of distraction biff

Mick breathed in but his Cronulla Sharks football jersey struggled to contain his well-insulated six-pack and he held up his hand as he approached Bazza in the front bar of the Top Pub.

Council crews working hard to repair potholes

Tweed Shire Council road maintenance crews are out across the Tweed's road network repairing potholes and other damage caused by the recent prolonged rainfall and previous flood events.

Poor Pauline

Bob Vinnicombe, Sefton A lot of hypocrisy from Labor and The Greens about respect for women. Look at the treatment they dished out to Pauline...

New film celebrates getting back outside

'Free From Lockdown: Back Out in Nature' is a new short film in which a group of disabled and non-disabled performers from the Northern Rivers celebrate being in nature after COVID lockdown.