The owners of around 2.5 million properties in NSW are set to receive their first property valuation assessments since 2016 for their residential and commercial properties.
The challenge with the 2019 valuations is going to be centred around how it has been calculated over the past three years because these valuations underpin the level of state land tax and local council rates property owners and investors will need to pay.
The surprise is going to be that even though prices have fallen in some areas up to as much as 14.9 per cent since the price peak of July 2017, some property owners and investors are set to receive higher property valuations this year, which means their land tax and rates will increase.
Higher imposts will be a particularly hard pill to swallow for property owners and investors given CoreLogic’s main index shows home values in greater Sydney fell a net 2.2 per cent over the three years.
Industry groups are calling for more regular issuing of valuation notices in NSW rather than every three years. Victoria used to issue valuation notices every two years but has moved to issuing notices annually.
What If You Disagree With Your 2019 Property Valuation?
If you disagree with your valuation you can join the growing number of property owners challenging their assessments. It’s been reported that objections have climbed by 5,062 to 10,719 in June 30, 2019, up from the previous year’s 5,657 objections.
Given the large swings up and down in property values over the past 3 years, we expect the NSW Valuer General will be receiving many more objections from property owners and investors after these 2019 valuations have been received.