Valuation notices on their way

The NSW Office of the Valuer General has announced that Notices of Valuation for land values as at July 1 last year will be issued to landholders in the Gosford local government area this month.

NSW Valuer-General Mr Simon Gilkes said the notices to be issued gave landholders the

opportunity to consider their land value before it is used by council for rating.

Land value is the value of the land only and does not include the value of a home or other

improvements on the land.

"Land values are one factor used by councils to calculate rates," Mr Gilkes said.

Any changes to council rates due to the new Notices of Valuation would come into effect from July 1 this year.

"However, changes in land value don't necessarily lead to similar changes in rates.

"Each council develops a revenue policy to use in the calculation of rates and charges to fund services to the community."

According to NSW Minister for Local Government Mr Paul Toole, the State currently has a policy of freezing council's current rate pathways for four years so the impact of the new Notices of Valuation remains to be seen.

Mr Gilkes said when determining land values, property sales were the most important factor

considered.

The values reflect the property market at July 1 last yar.

The valuers analysed 1145 property sales in Gosford to arrive at the new land values.

Landholders who disagree with the land value on their Notice of Valuation have a 60-day period to lodge an objection to have their land value reviewed.

Although only about one third of NSW LGAs receive a Notice of Valuation each year, all land in NSW is valued on an annual basis.

No Peninsula suburbs were mentioned as experiencing moderate to strong increases in the Valuer-General's announcement.

The Peninsula's beachfront properties also missed out on special mention in the official valuer general's announcement for the Gosford Local Government area whereas the value of properties in North Avoca, Wamberal, MacMasters Beach and Forresters Beach were reported to have remained steady or decreased slightly.

Land values in the commercial areas of Gosford and Erina showed a moderate to strong

increase, while trends in the smaller suburban and neighbourhood centres varied.

Industrial land values generally showed a slight increase, with variations depending on

locality.

According to the Gosford Council website, ordinary rates are calculated using the land value multiplied by the rate in the dollar.

A minimum amount is applied where the land value calculation is less than the minimum amount.

That minimum amount is determined by the Independent Pricing and Regulatory Authority (IPART).

IPART also caps the percentage by which local councils can increase their rates in any given year without applying for a special rate variation.

Rates and charges have already been set for 2015-16 and the current residential ordinary rate is 0.00359671 cents per dollar with the minimum rate of $496.

Media release, 6 Jan 2016

Kelly Burke, NSW Department of Finance, Services and Innovation

Website, 7 Jan 2016

NSW Globe Information Valuation Information