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
“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%.