ATTACHMENT 6.2.27

Base Date 1 July 2011 – General Revaluation Summary

InformIng new South waleS landownerS about valuatIon actIvItIeS

January 2012

InformIng new South waleS landownerS about valuatIon actIvItIeS

NSW Property Market – 1 July 2011Message from the Valuer GeneralThe Valuer General is an independent position that oversees the valuation system which is managed by Land and Property Information.

as Valuer General I am responsible for ensuring the valuation system delivers valuations that are fair, consistent, on time and produced cost effectively.

as Valuer General I am required to supply new land values to councils every three to four years to use in the determination of rates.

a notice of Valuation is issued to landowners to advise them of their new land value before it is used by council for rating from 1 July.

you should check all the information about your property as well as consider the new land value, recorded on the notice of Valuation. If you do not agree with the land value, you have 60 days to lodge an objection to have the land value reviewed.

For further information contact our helpful staff at the valuation customer service centre on 1800 110 038 or visit our website at www.lpi.nsw.gov.au/valuation

Philip Western Valuer General

Med

ian

sale

pric

e

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

$02008 2009

Year2010 2011

Metro East

Coastal

Newcastle/Central CoastMetro West

Inland Regional

Wollongong

Far Western

Median residential sale prices by region

Property sales are the most important factor considered by valuers when determining land values.

The graph below shows trends in median residential sale prices across new South Wales for the period 1 July 2008 to 1 July 2011. This reflects the period between valuations for rating purposes for most landowners receiving a notice of Valuation as at 1 July 2011.

Metropolitan East

During the past three years residential sale prices in the lower and middle sectors of the market including the inner west, northern and southern beaches showed moderate increases prior to levelling out over the last twelve months.

The prestige market has been variable over the period with sale prices as at 1 July 2011 being at similar levels to 1 July 2008.

Metropolitan West

The market in the western area of Sydney has generally shown slight to moderate increases in value over the period.

Wollongong

Overall sale prices across the Wollongong area showed moderate

increases until mid 2010 and then levelled out for the rest of the period.

newcastle/Central Coast

These areas generally experienced increases in sale prices until mid 2010 prior to levelling out. a slight decline in sale prices for the higher priced residential properties was evident to 1 July 2011.

Coastal

This market has generally experienced steady growth over the past three years. Sale prices in most areas levelled off during 2011.

Inland regional

The inland regional area which extends from Moree to albury has generally experienced a slight increase in residential sale prices over the period. Regional towns influenced by employment growth in the mining sector have generally seen stronger than the average growth.

Far Western

Overall, sale prices for residential property have generally shown slight increases in value over the period.

This graph shows trends in median sale prices for vacant and improved residential property in nSW using sales information lodged with Land and Property Information up to 1 December 2011. The Valuer General disclaims any liability to any person who acts or omits to act on the basis of the information contained herein.

Contact usPhone 1800 110 038 8.30am – 5.00pmWebsite www.lpi.nsw.gov.au/valuationEmail valuationenquiry@lpi.nsw.gov.auFax 02 6332 8399Mail Valuation Objections – Customer Service PO Box 745 BaTHurST nSW 2795

Phone 1800 110 038 for your nearest office.

Lodge an objection Mail Valuation Objections – Customer Service PO Box 745 BaTHurST nSW 2795Website www.lpi.nsw.gov.au/valuation

FeedbackMail Philip Western Valuer General GPO Box 15 SyDnEy nSW 2001

Email valuergeneral@lpi.nsw.gov.au

Interpreter service available 13 14 50.

InformIng new South waleS landownerS about valuatIon actIvItIeS

Concerned about your land value?› The valuation customer service

centre can assist you with any questions you have about your land value on 1800 110 038.

› you can access property sales considered when determining land values in your area by obtaining the valuation sales report. The report is available at www.lpi.nsw.gov.au/valuation or by phoning 1800 110 038.

› you can lodge an objection to have the land value reviewed. The Valuation of Land Act 1916

provides for an objection process. You can find out more about the objection process at www.lpi.nsw.gov.au/valuation or by phoning 1800 110 038.

› you have 60 days to lodge an objection. The last date to object is recorded on your notice of Valuation.

› If you lodge an objection you must provide valid supporting information and use the objection form or online facility.

Your property address The property address shown on your Notice of Valuation is relied on by emergency services to reach your property in an emergency.

Land and Property Information is working with local councils and other government agencies to build a Comprehensive Property addressing System to improve the quality of address information.

If you are concerned about the property address shown on your notice of Valuation or would like more information on the nSW Comprehensive Property address System program please contact the valuation customer service centre on 1800 110 038.

© January 2012 NSW Land and Property Information (B) P11/03/013 Disclaimer: Designed and printed by the NSW Land and Property Information. Information researched, written and approved by the Office of the Valuer General.

Property sales informationProperty sales are the most important factor considered when valuing land.

Find the property sales considered when determining land values in your area free of charge by visiting www.lpi.nsw.gov.au/valuation and clicking on PrOPErTy SaLES InFOrMaTIOn to access the valuation sales report or by phoning 1800 110 038.

ExPLaINING Your NoTIcE oF VaLuaTIoN

For plain English explanations of the terms on your notice of Valuation visit www.lpi.nsw.gov.au/valuation and click on Publications or phone the valuation customer service centre on 1800 110 038 for the fact sheet.

LodGING aN objEcTIoN oNLINE

www.lpi.nsw.gov.au/valuation

The user friendly online objection facility makes lodging an objection easier with automatic help balloons that provide information to guide you through the lodgment process.

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val

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Gen

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fair

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alue

s fo

r ra

ting

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taxi

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ses.

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fess

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epar

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r th

e Va

luer

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eral

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uers

from

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d an

d P

rope

rty

Info

rmat

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(LP

I), c

heck

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qua

lity

of la

nd v

alue

s be

fore

th

ey a

re a

ccep

ted

and

issu

ed.

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is y

our

land

val

ued?

Pro

pert

y sa

les

are

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mos

t im

port

ant

fact

or c

onsi

dere

d w

hen

dete

rmin

ing

land

val

ues.

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t lan

d is

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e m

ass

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proa

ch,

whe

re p

rope

rties

are

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roup

s ca

lled

com

pone

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e pr

oper

ties

in e

ach

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nt a

re s

imila

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are

ex

pect

ed to

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ct c

hang

es in

val

ue in

a s

imila

r w

ay.

Rep

rese

ntat

ive

prop

ertie

s in

eac

h co

mpo

nent

are

indi

vidu

ally

va

lued

as

at 1

Jul

y ea

ch y

ear

to d

eter

min

e ho

w m

uch

the

land

val

ue h

as c

hang

ed fr

om th

e pr

evio

us y

ear.

This

ch

ange

is th

en a

pplie

d to

all

prop

ertie

s in

the

com

pone

nt to

de

term

ine

thei

r ne

w la

nd v

alue

s. S

ampl

e va

luat

ions

are

then

ch

ecke

d to

con

firm

the

accu

racy

of t

he n

ew v

alue

s.

Dur

ing

the

valu

atio

n pr

oces

s, v

alue

rs a

naly

se s

ales

of b

oth

vaca

nt la

nd a

nd im

prov

ed p

rope

rtie

s, m

akin

g ad

just

men

ts

for

the

adde

d va

lue

of im

prov

emen

ts.

The

valu

e of

impr

ovem

ents

is t

heir

wor

th a

s re

flect

ed

by t

he r

eal e

stat

e m

arke

t in

an

area

. The

val

ue o

f im

prov

emen

ts is

gen

eral

ly n

ot e

qual

to

thei

r re

plac

emen

t or

insu

ranc

e va

lue.

A v

alua

tion

sale

s re

port

tha

t lis

ts p

rope

rty

sale

s th

at w

ere

cons

ider

ed w

hen

dete

rmin

ing

land

val

ues

in y

our

area

is

avai

labl

e at

ww

w.lp

i.nsw

.gov

.au/

valu

atio

n or

by

phon

ing

1800

110

038

.

Wha

t fac

tors

are

con

side

red

whe

n va

luin

g la

nd?

Whe

n co

mpa

ring

prop

erty

sal

es t

o th

e la

nd b

eing

val

ued,

va

luer

s co

nsid

er fa

ctor

s su

ch a

s:

›

prop

erty

mar

ket

cond

ition

s as

at

1 Ju

ly in

the

yea

r

of v

alua

tion

›

mos

t va

luab

le u

se fo

r th

e la

nd

›

loca

tion

of t

he la

nd

›

cons

trai

nts

on u

se s

uch

as z

onin

g an

d he

ritag

e re

stric

tions

›

land

siz

e, s

hape

and

land

feat

ures

, suc

h as

slo

pe

and

soil

type

›

near

by d

evel

opm

ent

and

infra

stru

ctur

e

›

view

s.

Con

cess

ions

and

/or

allo

wan

ces

appl

ying

to

your

land

un

der

the

Valu

atio

n of

Lan

d A

ct 1

916

will

be p

rinte

d on

yo

ur N

otic

e of

Val

uatio

n or

land

tax

ass

essm

ent.

Fact

ors

such

as

pers

onal

circ

umst

ance

s, c

ounc

il ra

tes

and

land

tax

liab

ility

are

not

cons

ider

ed w

hen

dete

rmin

ing

land

val

ue.

How

can

you

acc

ess

your

la

nd v

alue

?Yo

ur N

otic

e of

Val

uatio

n sh

ows

the

land

val

ue o

f yo

ur p

rope

rty.

You

rec

eive

you

r N

otic

e of

Val

uatio

n

whe

n ne

w la

nd v

alue

s ar

e is

sued

to

your

cou

ncil

for

ratin

g pu

rpos

es.

You

can

acce

ss la

nd v

alue

s th

roug

h th

e la

nd v

alue

se

arch

faci

lity

on t

he L

PI w

ebsi

te, w

ww

.lpi.n

sw.g

ov.

au/v

alua

tion/

land

_val

ue_s

earc

h or

ove

r th

e co

unte

r at

LP

I val

uatio

n of

fices

. Str

ata

owne

rs c

an a

cces

s bo

th

the

land

val

ue fo

r th

e si

te o

f the

str

ata

sche

me

and

the

appo

rtio

ned

valu

e fo

r th

eir

lot

base

d on

uni

t en

title

men

t.

Ther

e is

no

fee

for

land

owne

rs t

o ac

cess

the

ir la

nd

valu

es t

hrou

gh t

he w

ebsi

te fo

r th

e va

luin

g ye

ars

2009

, 20

10,

2011

. O

ther

land

val

ue s

earc

hes

incu

r a

fee.

If yo

u ar

e a

regi

ster

ed la

nd t

ax c

lient

, the

land

val

ue(s

) us

ed t

o de

term

ine

your

201

2 la

nd t

ax a

sses

smen

t w

ill be

re

cord

ed o

n th

e as

sess

men

t no

tice.

You

can

acc

ess

the

land

val

ue(s

) (us

ing

your

clie

nt id

and

cor

resp

onde

nce

id

num

bers

from

OS

R) a

t w

ww

.osr

.nsw

.gov

.au.

Can

you

hav

e yo

ur la

nd

valu

e re

view

ed?

If yo

u di

sagr

ee w

ith t

he la

nd v

alue

on

your

Not

ice

of

Valu

atio

n or

a la

nd v

alue

incl

uded

in y

our

land

tax

as

sess

men

t, yo

u ca

n lo

dge

an o

bjec

tion

with

the

Val

uer

Gen

eral

to

have

the

land

val

ue r

evie

wed

.

Info

rmat

ion

abou

t ob

ject

ing

to y

our

land

val

ue a

nd

lodg

ing

an o

bjec

tion

onlin

e is

ava

ilabl

e fro

m t

he L

PI

web

site

, ww

w.lp

i.nsw

.gov

.au/

valu

atio

n. A

ltern

ativ

ely,

la

ndow

ners

can

req

uest

an

obje

ctio

n ki

t, w

hich

incl

udes

an

info

rmat

ion

book

let,

valu

atio

n ob

ject

ion

form

and

va

luat

ion

sale

s re

port

by

phon

ing

1800

110

038

.

Obj

ectio

ns m

ust

be lo

dged

usi

ng t

he v

alua

tion

obje

ctio

n fo

rm o

r by

usi

ng o

ur o

nlin

e ob

ject

ion

faci

lity

by t

he la

st d

ate

to o

bjec

t sh

own

on y

our

Not

ice

of

Valu

atio

n or

not

late

r th

an 6

0 da

ys fr

om t

he d

ate

of

issu

e of

you

r la

nd t

ax a

sses

smen

t.

Val

uer

Gen

eral

The

Valu

er G

ener

al is

an

inde

pend

ent

offic

er a

ppoi

nted

by

the

Gov

erno

r of

New

Sou

th W

ales

to

over

see

the

valu

atio

n sy

stem

.

Why

is y

our

land

val

ued?

Land

val

ues

are

used

by

loca

l cou

ncils

for

ratin

g an

d th

e O

ffice

of S

tate

Rev

enue

(OS

R) f

or m

anag

ing

land

tax

.

Rat

ing

Land

val

ues

are

issu

ed t

o co

unci

ls fo

r ra

ting

at le

ast

ever

y fo

ur y

ears

. The

se la

nd v

alue

s ar

e fix

ed fo

r ra

ting

until

new

land

val

ues

are

issu

ed t

o co

unci

l.

Land

val

ues

are

one

fact

or u

sed

by c

ounc

ils in

the

ca

lcul

atio

n of

a la

ndow

ner’s

rat

ing

liabi

lity.

Incr

ease

s

in la

nd v

alue

s do

not

nec

essa

rily

lead

to

sim

ilar

incr

ease

s in

rat

es.

If yo

u w

ould

like

mor

e in

form

atio

n

on t

he d

eter

min

atio

n of

you

r ra

tes

you

shou

ld c

onta

ct

your

cou

ncil.

Land

tax

The

Valu

er G

ener

al s

uppl

ies

land

val

ues

to t

he O

ffice

of

Sta

te R

even

ue (O

SR

) eac

h ye

ar.

The

OS

R m

anag

es la

nd t

ax a

nd is

sues

land

tax

as

sess

men

ts t

o re

gist

ered

, lia

ble

land

owne

rs.

The

OS

R u

se la

nd v

alue

s to

det

erm

ine

taxa

ble

land

val

ue.

If yo

u ow

n pr

oper

ty in

NS

W t

hat

is n

ot y

our

prin

cipa

l pl

ace

of r

esid

ence

or

is n

ot la

nd u

sed

for

prim

ary

prod

uctio

n, y

ou m

ay b

e lia

ble

for

land

tax

if t

he

tota

l val

ue o

f lan

d ex

ceed

s th

e la

nd t

ax t

hres

hold

. Th

e th

resh

old

for

2012

is $

396,

000.

If yo

u ar

e a

new

land

tax

clie

nt, y

ou w

ill ne

ed to

re

gist

er b

efor

e 31

Mar

ch 2

012.

Rea

d m

ore

abou

t lan

d ta

x, e

xem

ptio

ns, c

once

ssio

ns, c

alcu

lato

rs a

nd o

nlin

e re

gist

ratio

n at

ww

w.o

sr.n

sw.g

ov.a

u or

pho

ne

1300

139

816

(with

in N

SW

) or

(02)

968

9 62

00 (i

nter

stat

e).