The NSW Valuer-General will be issuing 2022 land valuation notices for the Lithgow Local Government Area from 26 April 2023.
There have been significant increases in land valuations since the previous local government valuation year of 2019.
The average land valuation increase (from 2019 to 2022) for each rating category / sub-category is:
- Residential – Lithgow +79.5%
- Residential – Portland + 112%
- Residential – Wallerawang +135.6%
- Residential – Other +56%
- Farmland – +71%
- Farmland – Intense +92%
- Business – Lithgow +27.2%
- Business – Portland +81%
- Business – Wallerawang +15.8%
- Business – Other +46%
Key points to note regarding land valuation changes are:
- Council does not receive any extra income when land valuations change. The total income that the Council can source from land rates is capped at the rate peg which is well below the rate of inflation.
- An increase in your land valuation does not necessarily mean that your rates will increase.
- The impact of the 2022 land valuations on your rates depends on how an individual land valuation changes when compared with the average valuation across a rating category (e.g. residential, farmland, business).
Generally, properties whose land valuation increase is lower than the average increase will see a reduction in rates. However, properties whose valuation increase is higher than the average for the rating category will see a rise in rates.
An example is for a Hassans Walls Road, Lithgow, property. The land value increased by 58% yet the land rates will not increase, even with 3.7% rate peg. Another example is a Cripps Avenue, Wallerwang property. In this case, the land value increased by 138% and the land rates increased by just 3.77% (close to the rate peg).
Enquiries or objections to 2022 land valuations need to be lodged directly with the
Valuer General of NSW’s Office. Lithgow Council’s Revenue Team can assist with rating enquiries.
A fact sheet on 2022 land valuations and a Frequently Asked Questions sheet are available on Council’s website here – https://council.lithgow.com/finance-rates/rates/
Council’s website also has a rates calculator for ratepayers to obtain an estimate of 2023/24 rates (both 3.7% rate peg and the proposed Special Rate Variation increase).