With new valuations coming into effect from July 1, 2023, residents have noted a change in their rates notices.
Issued to property owners by the NSW Valuer General last financial year, the land valuation notices provided an independent assessment of the unimproved value of land.
This process is undertaken every three years to reflect an accurate market price, with the most recent notice providing the land valuation as at 1 July 2022.
Overall, land valuations across Murray River Council climbed significantly since the previous local government valuation year of 2020.
The highest rises were seen on farms and businesses, where some properties more than doubled in value.
The average increase in land valuation (from 2020 to 2022) seen across each general rating category is:
• Residential (non-urban): increase of 76 per cent
• Residential (urban): increase of 62 per cent
• Business (non-urban): increase of 49 per cent
• Business (urban): increase of 112 per cent
• Farmland: increase of 125 per cent
Council is reminding the community that it does not receive any extra income when land valuations change.
The total income that council can source from land rates is capped at the approved rate pegged amount of 4.1 per cent, which is well below the rate of inflation.
Council’s Acting Mayor Frank Crawley emphasised that the rise in rates percentage is not directly aligned with the percentage increase in land values.
“The effect of the 2022 land valuations on rates depends on how an individual land valuation changes in comparison to the average valuation within a specific rating category, like residential or farmland.”
“Typically, properties with a land valuation increase below the category’s average rise will experience rates that are below average or, in some instances, a reduction.”
“However, properties with a valuation increase higher than the category’s average might encounter an increase in rates.”
Whilst all property owners received information on their valuation direct from the Valuer General, council is encouraging community members to view the fact sheet about valuations on their website if they have any concerns.
Go to https://www.murrayriver.nsw.gov.au/Council/Property-rates/About-rates.
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