Land values recently issued by the Valuer General of NSW, reflecting the property market as of July 2020, have shown large variations across the Snowy Monaro region.
As Council rates are based on these valuations, there will be large variations in rates per property without any increase in Council’s total rate income beyond the annual rate peg (revenue raised from rates). The annual rate peg increase has been set by the State Government at 2.6% for the coming financial year.
Increased land values don’t increase the overall revenue received by Council as it changes how the rates are distributed among ratepayers. The higher increases for some people are offset by drops for others.
“We have seen land values in some areas increase much higher than other parts of our local government area,” said Council’s CEO Peter Bascomb.
“Some people will see the land value news as good until their rates go up. They then ring Council for help, by which stage the date they can object to their valuation has passed.”
“Our Operational Plan and budget have been structured around pushing back the need for any additional increases above the rate peg increase,” said Council’s CEO, Peter Bascomb.
Based on the land values received some people will be facing double digit percentage increases. Ratepayers are entitled to object to their land valuation through the Valuer General’s Office. If successful, Council can review the rates levied based on the revised valuation. Because land values form the basis of rates calculation, it is important to lodge an objection with the Valuer General if you feel your valuation is unfair.
The link below will lead to further information and how to lodge an objection. The closing date for objections is 60 days from the date of issue and is displayed on the front of your Notice of Valuation.
“While it is often a nice feeling to see that your land value has risen substantially, it does have an unavoidable flow-on impact on your rates. If you have had a significant increase in
your land valuation we strongly encourage you to consider appealing the new valuation to the Valuer General,” Mr Bascomb said.