The Valuer General is required to value all land in NSW annually to reflect the property market as at 1 July in the valuing year. The 2020 valuation, will be used by Revenue NSW for land tax. They will not be used by councils for rating purposes (except for those councils who have requested a revaluation to reflect the impact of bushfires on land value).
In order to implement the 2020 valuation, the Valuer General undertook this review to determine:
- if the property market in NSW was sufficiently active at 1 July 2020 to support the 2020 valuation
- if the residential and non-residential property market sectors of the NSW property market had been similarly affected by COVID-19; and
- if there were any implications for statutory valuation practice arising out of COVID-19.
The Valuer General analysed the level of transactions in the pre-COVID-19 (July 2019 – February 2020) and in the COVID-19 period (March 2020 – May 2020), when restrictions were imposed, compared to July 2018 – May 2019, held discussions with representative industry bodies and formed a view that the overall property market in NSW was sufficiently active at 1 July 2020 to support the 2020 valuation.
Join this briefing to gain a first hand understanding of the property market and have the opportunity to ask the Valuer General your burning questions.
Dr David Parker, Valuer General of NSW
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