Land values during the past year for the region have risen in all bar two areas, according to NSW Valuer General, Simon Gilkes.
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The assessment includes residential, rural, industrial and commercial property and the total land value for the North Coast region increased over the 12 month period to 1 July 2016 by 8.4 per cent from $54.29 billion to $58.84 billion.
Mr Gilkes said, when determining land values, property sales are the most important factor considered.
“Land values do not include the value of the home or improvements to the land,” Mr Gilkes said.
“Land values are one factor used by councils to calculate rates.
“Changes in land value don’t always mean a change in council rates.
“Each council develops a revenue policy which is used to determine rates charged to fund community services.
“Councils make their draft revenue policy available for public comment.”
Mr Gilkes said the continuing upgrade of the Pacific Highway along the Mid North Coast is influencing land values, with Port Macquarie (8.2 per cent) and Nambucca Heads (5.4 per cent) showing moderate increases.
Exceptions to this trend were the LGAs of Kyogle (-0.13 per cent) and Kempsey (0.4 per cent) where land values were generally steady.
The largest increase in land values in the region was for residential properties, with an overall increase of 9.7 per cent.
The largest increases occurred in Ballina (13.8 per cent), Tweed (11.5 per cent), Lismore (12.5 per cent) and Byron (10.5 per cent).
Overall land values for commercial land increased by 6.5 per cent. The largest increases occurred in the LGAs of Byron (11.7 per cent) and Tweed (9.9 per cent).
Total industrial land values for the region increased by 7.3 per cent. The highest increases were recorded in Bellingen (17.8 per cent), Nambucca (13.7 per cent) and Byron (12.6 per cent).
Rural land values for the region have shown a moderate increase of 5.2 per cent. The largest increases occurred in Ballina (10.4 per cent) following strong demand for rural lifestyle properties.
From 1 July 2017 land values will also be a factor used to calculate the Emergency Services Property Levy (ESPL), which will replace the current levy on property insurance. The levy aims to help fund fire and emergency services across NSW.
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.
Landholders can find more information about their Notice of Valuation at www.valuergeneral.nsw.gov.au or by calling 1800 110 038.
Landholders who are concerned about the land value recorded on their Notice of Valuation have 60 days to lodge an objection. The last date to object is printed on the Notice of Valuation.
Further Information
The North Coast region local government areas (LGAs) include: Ballina, Bellingen, Byron, Clarence Valley, Kempsey, Kyogle, Nambucca, Port Macquarie-Hastings, Richmond Valley and Tweed Shires and Coffs Harbour and Lismore Cities.