How much is your land worth?
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Port Macquarie-Hastings residents will shortly receive their notice of valuation showing their land values for residential, commercial, industrial and rural property.
This is prior to council using the data for rating purposes. This timeframe gives landholders time to consider their land value.
The NSW acting deputy valuer general, Paul Chudleigh, published land values for North Coast region, reflecting the property market at July 1, 2019.
Land values across the North Coast region have generally remained steady in the previous 12 month period.
Mr Chudleigh said property sales are the most important factor considered by valuers when determining land values.
"It is important to note that land value is the value of the land only and does not include the value of a home or other structures," he said.
The July 1 land values have been prepared by private contract valuers with expertise in their local areas working on behalf of the valuer general, to determine new land values across the region.
Property NSW, part of the Department of Planning, Industry and Environment, has quality assured the land values for accuracy and consistency.
Mr Chudleigh said councils receive new land values for rating at least every three years. All councils have been issued with July 1, 2019 land values.
"Land values are one factor used by councils to calculate rates," said Mr Chudleigh.
"Changes in land value don't always mean a change in council rates. Each council develops a revenue policy to use when calculating rates to fund services for the community. Councils make their draft policy available for public comment."
Revenue NSW will use the July 1, 2019 land values to calculate land tax for the 2020 land tax year.
Registered land tax clients will receive a land tax assessment from Revenue NSW from late January 2020. The public can find more information on land tax at revenue.nsw.gov.au.
The acting deputy valuer general encouraged the public to visit valuergeneral.nsw.gov.au or call Property NSW on 1800 110 038 if they want more information on land values and the valuation system.
"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."
Across the North Coast land value grew by 1 per cent or $85.8 billion to $85.7b..
Industrial land values in the region generally remained steady with an overall increase of 1.6%. Values increased slightly in Port Macquarie-Hastings (4.4%) and Richmond Valley (4%), and moderately in Kyogle (6.2%) and Ballina (5.9%).
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