But don’t expect drop in rates
LAND values published last week show a general decrease for the Sydney Central region since 2018, which includes the Inner West LGA, however homeowners shouldn’t expect to receive a break on their council rates.
Acting NSW valuer general Paul Chudleigh said councils received new land values for rating at least every three years and were one factor used to calculate rates.
“Changes in land value don’t always mean a change in council rates,” he said.
“Each council develops a revenue policy to use when calculating rates to fund services for the community.”
Reflecting the property market at July 1, 2019, the data shows overall residential values across Inner West decreased by 8.5 per cent between 2018 and 2019, with commercial zones also falling by 7.7 per cent, while industrial zones stayed steady at 0.4 per cent.
This compares with the previous general valuation year in 2016, which showed growth of 12.2 per cent in residential values, along with strong growth in both industrial and commercial land values.
The report noted that the localised effects of the construction of the West Connex motorway has disrupted nearby traffic, but concluded there was “no evidence to suggest a direct correlation of property value movements in Inner West” as a result.
Mr Chudleigh said property sales were 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.
Landholders will receive a Notice of Valuation showing their land value before it is used by the council for rating.
For more information on land values and the valuation system, call Property NSW on 1800 110 038 or visit valuergeneral.nsw.gov.au.