However,the premier has warned that any changes to valuations would take years to implement,and in the meantime,an upgraded system would give property owners access to data analytics to better understand how the valuations of their land were determined.
The government has funded a $20 million upgrade to the Valuer-General’s system,which would also prepare NSW to ultimately follow Victoria and use improved land valuations.
NSW land values jumped more than 26 per cent to $2.8 trillion in the year to July 2022 – an increase of almost $600 billion from the previous year – according to the latest report from the state’s Valuer-General. Regional areas including the Hunter,Central Tablelands and the Murray region experienced some of the biggest rises.
A trend of people moving out of cities and urban areas and into the regions during the COVID-19 pandemic and a lack of housing stock contributed to rising land values,according to Urban Taskforce chief executive Tom Forrest.
In NSW,the Valuer-General determines the value of land,and every three years provides a notice of valuation to property owners.
Owners who are subject to land tax,usually property investors,holiday homeowners and businesses,often complain about fluctuations,largely because it is not clear why the valuations on unimproved land have shifted.