Land value search for owners

Land valuations are prepared by Property NSW each year. This is an assessment of the value of the land without regard to the buildings that are on it, based on a methodology that takes into account recent sales of improved land, land with buildings and sales of vacant land.

The land valuations are used by the Office of State Revenue to calculate Land Tax where applicable, and are also used by Councils to apportion rates across landowners based on the relative value of their land compared to the entire land base of the Council.

Land Tax is assessed based on the average of the last three years' valuations. Councils update their rate base every three years, so the valuation they are using is from one of the last three years. The valuation report you receive will indicate the year being used by your Council for rate setting, if it is not the year for which you have obtained your report.

Your land value search is applicable to individual strata units and land values that apply to an entire strata scheme. Strata unit land value is a proportion of the strata scheme land value based on unit entitlement, whereas strata scheme land value is the land value for the whole site of the strata scheme.

It is also now possible to obtain heritage land values, where applicable. Properties that are listed on the Heritage Register are valued in accordance with the Heritage Act 1977. Heritage values were previously recorded under 'Other Allowances/Concessions' on land value searches. The most recent changes will provide customers with clearer and more explicit access to heritage values where they exist. Heritage values are used by local government authorities and the Office of State Revenue in the determination of rates and taxes. Their separate inclusion on land value searches will assist land owners in understanding any associated rating activities.