14 January 2015 Land Valuations Show Drop

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14 January 2015 Land Valuations Show Drop

New valuations recently provided by the State Government have shown a drop in the overall value of land across the Coffs Harbour local government area of around $13 million since 2011.

 

The figures reveal that the total rateable land valuation base has dropped by 0.21% from approximately $6.366 billion (2011 valuations) to approximately $6.353 billion (2014 valuations). These valuations, which are set at 1 July 2014, will be used as the base from which Council will calculate ordinary rates on individual properties over a three year period from 1 July 2015.

 

“It should be noted that the new valuations do not have an effect on the amount of rate income able to be generated by Council,” said Andrew Beswick, Council’s Director Business Services.

 

“The overall amount that can be generated through rates remains the same – we can only generate the amount allowed by the State Government through its rate peg, which in 2015 is 2.4%, or by any special rate variation that the Independent Pricing and Regulatory Tribunal (IPART) may approve.

 

“The land valuations affect the way that the overall rate income is distributed across properties, and therefore individual ratepayers, within the local government area. In simple terms the total ‘pie’ for any year stays the same, but each ratepayer’s ‘piece of the pie’ may go up or down depending on the relative movement in their land valuation.”

 

Recent media coverage on the NSW land valuations have made reference to the Coffs Harbour region experiencing land valuation increases of approximately 3%. It should be noted that this percentage figure represents land valuation movements in our area only over the past 12 months. 

 

However, land valuations supplied to Council are carried out every three years and, when looked at over three years, the overall drop in total rateable land valuation is 0.21%.