Notices of Valuation to land owners now available electronically in Northern Territory
The NT Valuer-General will soon be issuing Notices of Valuation to land owners in Palmerston and Darwin, with a new option to sign up online and receive Notices via email rather than post.
The Notice informs land owners of the Unimproved Capital Value (UCV) of their land and is required under legislation to be issued every three years by the NT Valuer-General.
The UCV is the amount the land alone would be expected to sell for, without any improvements, at the effective date of the valuation. The UCV does not include the house, fences, pools or any other structures on the property.
The NT Valuer-General, Mr. Richard Langshaw, explained the valuation process and how he monitors the property market, recording and analysing sales in the relevant local area to enable the current UCV of land to be determined.
"The UCV takes into consideration similar sales in the market, trends, supply and demand, and the land's current use and zoning. It also looks at resale evidence over the last three years for vacant land and improved properties with minimal renovation," said Mr. Langshaw.
"The Northern Territory and local governments can use land valuations as part of their calculations when they determine rates to be paid by land owners, but a change in UCV does not always mean a change in rates."
"The most significant changes between 2014 and 2017 are as a result of property prices reducing. There are also some adjustments where there were previously insufficient arm's length sales to establish high accuracy values. Where this occurs, land values are assigned at a conservative level and adjusted at the next revaluation when further sale data is available."
Mr. Langshaw also confirmed a new and easier alternative this year with land owners being encouraged to sign up online to receive their next notice electronically rather than through the post.
"Simply go to www.nt.gov.au and search 'Property Valuations' to sign up," said Mr. Langshaw.
The new online portal will help land owners to easily and conveniently manage their contact information and make sure they continue to receive future Notices of Valuation in a convenient manner.
Advantages of the new portal include:
- Land owners can choose to receive future Notices of Valuation by email instead of having a hard copy posted.
- Land owners can change the way they receive their Notice, or the address that it is sent to easily and conveniently at any time.
Featured image: Landscape view of Yulara, Northern Territory, Australia via Good Free Photos.