Media release – Department of Primary Industries, Parks, Water and Environment, 10 March 2021
Land Value Adjustment Factors update for 2021
The latest Adjustment Factors for statutory valuations in Tasmania have been completed by the Valuer-General.
Valuer-General Tim Grant says: “The new values will take effect from 1 July 2021 for rating and taxing purposes.
“It is important to note that an Adjustment Factor is not a valuation. Adjustment factors are based on property sales and rental evidence and valuations may increase or decrease if property sales, rental evidence or market sector evidence support change,” Mr Grant explained.
“These Adjustment Factors are based on the broad market value movements in each municipality, locality and class of real estate as at 1 October 2020.
“The Adjustment Factors relate back to the last fresh valuation of a municipality.”
The major changes within municipalities over the past 12 months are:
- Land Value for the Residential class of properties reflected an increase in most municipal areas. The greatest change was in the localities of Derby and Branxholm in the Dorset municipality. These increases are based on the impact of the mountain bike tourism in these areas. The Exeter locality in West Tamar also reflected a larger increase in value over the other localities in this municipality.
- Land Value for the Commercial, Industrial, Community Services and Other classes of properties reflected no change in some municipalities to small increases in others.
- Land Value for Primary Production properties reflected an increase in most municipal areas. The greatest increase was in West Tamar. These changes reflect the strong demand for rural properties in most areas of the state.
More information on the fresh adjustment factors can be found on the DPIPWE website: https://dpipwe.tas.gov.au/land-tasmania/office-of-the-valuer-general
Adjustment Factors under section 50A of the Valuation of Land Act 2001 were determined by the Valuer-General on 26 February 2021 and will be Gazetted on 10 March 2021.
A landowner may apply to the Valuer-General for a review of an Adjustment Factor within a period of 60 days following the publication of the factors in the Tasmanian Government Gazette.
The review cannot be based on a single property but must be based on how the factor has been applied to the municipality and class of a property.
An application for a review must be in writing and must be accompanied by a statement of grounds for the review and relevant supporting evidence.
Matters regarding council rates or land tax should be directed to the relevant council and the State Revenue Office respectively, as they are separate issues to adjustment factors used for valuation purposes.
