The Central West region’s land values have increased by $1.52 billion over the July 15-16 period.
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Over 12 months, figures rose 13.4%, from $12.11 billion to $13.73 billion, with land values reflecting the property market at 1 July 2016.
Overall in the Forbes local government area, land values saw a strong increase mainly attributed to rise in rural land values.
Residential land values saw a slight increase while commercial and industrial zoned lands remained steady.
According to NSW Government, Forbes residential values remained fairly stable with a strong increase in south west Forbes and in the Camp Hill area.
For example, between 1 July 2015 and 1 July 2016, a 1012m2 Thelma St property rose 89%, from $17,800 to $33,642.
Rural land value in Forbes experienced a strong increase due to good seasonal conditions as well as high livestock and commodity prices.
In Wandary Lane, prices inflated 44% on a 18.83 ha block, from $93,500 up to $134,640.
Overall, commercial land values remained steady across the Central West, with the exception of commercial land in Gilgandra Shire, which increased by 5.2%, Narromine Shire, which increased by 9.6%, and Warren Shire, which increased by 5.9%.
In Forbes, commercial values remained steady with low demand.
Industrial land values remained steady across the region.
The region’s land was independently valued by the NSW Valuer General, Simon Gilkes, who said property sales are the biggest consideration when determining land values.
“Land values do not include the value of the home or improvements to the land,” he said.
Mr Gilkes said land values are one factor used by councils to calculate rates: changes in land value don’t always mean a change in council rates.
“Each council develops a revenue policy which is used to determine rates charged to fund community services. Councils make their draft revenue policy available for public comment,” he said.
From 1 July 2017 land values will also be a factor used to calculate the Emergency Services Property Levy (ESPL) which will replace the current levy on property insurance.
The levy will help fund fire and emergency services across NSW.
Landholders will receive a Notice of Valuation showing their land value before it is used by council for rating.
Landholders who are concerned about the land value recorded on their Notice of Valuation have 60 days to lodge an objection.
The last date to object is printed on the Notice of Valuation.
