2023 Update to Statutory Valuation Adjustment Factors

Media release – Department of Natural Resources and Environment Tasmania, 8 March 2023

Statutory Valuation Adjustment Factors Update for 2023

The latest Adjustment Factors for statutory valuations in Tasmania have been determined by the Valuer-General.

Valuer-General Guy Naish said the new factors will take effect from 1 July 2023 for rating and taxing purposes.

“It is important to note an Adjustment Factor is not a valuation. Adjustment Factors are based on property sales that have occurred leading up to the effective date of the Adjustment Factors which was 1 October 2022 and adjusted values may increase or decrease if property sales and market sector evidence support change,” Mr Naish explained.

“These Adjustment Factors are based on the broad market value movements in each municipality, locality and class of real estate. The Land Value, Capital Value and Annual Assessed Value factors reflect the change since October 2021.

“The Adjustment Factors relate back to the last fresh valuation of a municipality.”

The Factors determined reflect the very strong growth in the property market in all parts of the state of the last twelve months from October 2021 to October 2022. This growth is driven by strong demand and limited supply which is reflected in both the number of properties sold and the value of those properties.

Residential land values have increased in all areas of the state with large increases in parts of Break O’ Day, Brighton, Dorset, Derwent Valley and Sorell municipalities.

Primary Production Land Values are also showing strong growth in values particularly in Derwent Valley, George Town, Circular Head and Central Coast municipalities.

Adjustment Factors for Land Value have been determined for all 29 municipalities.

More information on the fresh adjustment factors can be found on the Department of Natural Resources and Environment Tasmania website: www.nre.tas.gov.au/ovg

Adjustment Factors under section 50A of the Valuation of Land Act 2001 were determined by the Valuer General on 28 February 2022 and will be published in the Tasmanian Government Gazette on 9 March 2022.

A landowner may apply to the Valuer-General for a review of an Adjustment Factor determination 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.