Queanbeyan Land Valuations

The Office of the Valuer General has announced that Notices of Valuation for 1 July 2015 land values will be issued to Queanbeyan City Council landholders in January 2016.

The notices will give landholders the opportunity to consider their land value before it is used by Council for rating for the 2016-17 financial year.

Land value is the value of the land only and does not include the value of a home or other improvements on the land. The Office said when determining land values, property sales were the most important factor considered. The values reflect the property market as at 1 July 2015.

Land values are one factor used by councils to calculate rates. However, changes in land value don’t necessarily lead to similar changes in rates. Each council develops a revenue policy to use in the calculation of rates and charges to fund services to the community. Queanbeyan City Council is currently reviewing its revenue policy and a draft will be placed on public exhibition in April-May.

Landholders who disagree with the land value on their Notice of Valuation have a 60-day period to lodge an objection to have their land value reviewed. Objections should be lodged with the Office of the Valuer General – more information at www.valuergeneral.nsw.gov.au.

Queanbeyan City LGA – observation from the Office of the Valuer General

Residential land values have generally remained steady in Queanbeyan City local government area in the three years since Notices of Valuation were last issued. Queanbeyan residential land values are influenced by the Canberra market that has been relatively weak over the past three years due to government sector job cuts and general uncertainty over employment. Queanbeyan City commercial and industrial land values were generally steady over the three year period. Hobby farm land values generally remained steady, however better located properties in close proximity to Queanbeyan City saw a slight increase in value. The total overall increase in land values in Queanbeyan City Council was 2.22%.