REVEALED: What's your land estimated to be worth?
NEW land values have been issued for the North Coast, showing the strength of the property market has held firm.
Values for the region have generally 'remained steady' since July 2018, the Valuer General has reported.
The land values, published today reflect the property market as of July 1st, 2019.
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," NSW Acting Deputy Valuer General Paul Chudleigh said.
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," Mr Chudleigh said.
"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."
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.
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 the end of this month.
You can find more information on land tax here.
Property owners can access information here or by calling Property NSW on 1800 110 038 if they want more information on land values and the valuation system.