New land values issued for the South Coast region by the NSW Valuer General show large increases across all categories of land.
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However Bega Valley is outclassing some neighbouring areas particularly for the growth in value of residential and rural land.
Residential land values have increased very strongly by 38.3 per cent overall but the largest increases were experienced in Bega Valley (62.1 per cent) and Eurobodalla (61.3 per cent).
The main drivers in the region included high demand for lifestyle properties with constrained supply in many of the coastal villages.
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Commercial land values increased very strongly by 32.6 per cent with Bega Valley increasing by 44.5 per cent and Eurobodalla by 48.6 per cent with high demand due to relative affordability in comparison to more established commercial precincts in larger urban areas, the Valuer General said.
But it was rural land values increased the most with Bega Valley increasing by 69.9 per cent and Eurobodalla by 57.1 per cent.
The Valuer General said land value increases were driven by high demand, with the area generally being tightly held leading to low supply.
The new land values will mean some rates will increase. If all categories of land were to increase or decrease by the same amount there would be no change in rates (apart from the rate peg increase) but the mix of increases will inevitably see some ratepayers having to pay more - even before any consideration of a rate increase by council.
The new land values will be used by Revenue NSW to calculate land tax for the 2023 land tax year. Registered land tax clients will receive their land tax assessment from Revenue NSW from January 2023. More information on land tax can be found at revenue.nsw.gov.au.
Councils receive new land values for rating at least every three years. Land values are one factor used by councils to calculate rates. All councils have been issued with the 1 July 2022 land values.
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating. Notices will be issued from January 2023. This gives landholders time to consider their land value.
The land values reflect the value of land only, as at July 1, 2022. Land value is the value of the land only. It does not include the value of a home or other structure. Property sales are the most important factor valuers consider when determining land values.
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Denise Dion
Regional daily news journalist on the Far South Coast of NSW. Contact me on 0418 213 780 or at denise.dion@austcommunitymedia.com.au
Regional daily news journalist on the Far South Coast of NSW. Contact me on 0418 213 780 or at denise.dion@austcommunitymedia.com.au
