What is unimproved value?
The unimproved value is what the block of land is worth subject to its highest and best use in accordance with the Crown Lease purpose clause. It does not include any improvements on the land, such as buildings, landscape gardening, paths and fences.
This is likely to be different from the full value or market value of the property.
Some Territory taxes like rates and land tax are calculated using the unimproved value of a block of land. Unimproved values are determined by qualified, independent valuers.
Valuation notices
We send all property owners a valuation notice with their annual rates assessment notice. This includes the property's unimproved value as of 1 January that year.
For valuation purposes, we treat unit title developments as single properties and send the valuation notice to the owner's corporation; we don’t send individual valuation notices to unit owners.
To search for the unimproved value of your property for the current year and the last four years, click on the 'Find your unimproved value' button below.
How are values assessed?
Valuers assess the unimproved value of each block by analysing the sale prices of similar properties. When possible, they use the sale price of vacant land in the area for comparison, making adjustments for any individual differences, such as size, location, aspect and view that may impact the value of each block.
If there have been no sales of vacant land in the area or in comparable areas, valuers work from the sales of improved properties and deduct amounts for improvements. From this information, they calculate an unimproved value of the sale blocks and use these to assess the unimproved value of other blocks.
Why do values change?
Land values rarely remain the same over time. Values within the same area and between areas may change, and the prices people are willing to pay when they buy property are good indicators of these changes. To make sure the land values used for determining rates are as current as possible, our office engages qualified contract valuers to carry out a general revaluation of all parcels of land annually.
Residential Values
The determination of residential unimproved values
The unimproved value of residential property is reviewed each year and values are redetermined as at the base date 1 January.
For suburban based single dwelling blocks, sales are analysed by locality. If an analysis of sales indicates a trend that is statistically significant, then property values will be adjusted to reflect the sales related data. Where there is an insufficient number of vacant land sales in a locality, then sales of improved land (house and land) will be considered and analysed to determine any change in the underlying land value.
The change in the unimproved value for residential unit sites from year to year is determined by sales of comparable vacant development land. These sales are typically infrequent and consequently unimproved values for unit sites tend to move less uniformly from year to year than single dwelling blocks. For example, the unimproved value of a unit site might not change for three years then record a double digit increase in the fourth year, once there are enough unit site sales to support a change in value.
Rates are based on the average unimproved value (AUV) of the property over 5 years. This smooths-out the effect of a large change in value in a single year.
For units, the variable component of the rates charge is based on the AUV of the complex and allocated on the basis of unit entitlement.
Residential unimproved values for 1 January 2023
The increase in residential property values in 2021 and 2022 moderated in the second half of 2022 as the Reserve Bank began to raise interest rates. The average change in unimproved values across the Territory from 1 January 2022 to 1 January 2023 is a reduction of 2.5 per cent. The change in unimproved values varies across districts. Note, unimproved values in some particular localities display large positive movements and others large negative movements compared to the unimproved values of last year. This reflects sale prices in those particular locations.
Unimproved values are averaged across 5 years to determine rates for each property. Known as the Average Unimproved Value (AUV), this has increased by 8.9 per cent across the Territory, largely driven by the 37.9 per cent increase in unimproved values on average last year. Rating factors have been adjusted to ensure that rates revenue on average does not increase by more than 3.75 per cent, consistent with the Government’s tax reform program.
Individual residential property values can be found here.
| 2022 Unimproved Value ($) | 2023 Unimproved Value ($) | UV Change ($) | UV Change (%) | 2022 Average Unimproved Value** ($) | 2023 Average Unimproved Value** ($) | AUV Change ($) | AUV Change (%) | |
|---|---|---|---|---|---|---|---|---|
| Belconnen | 18,921,780,262 | 18,151,211,215 | -770,569,047 | -4.1 | 14,211,593,584 | 15,372,838,175 | 1,161,244,591 | 8.2 |
| Central Canberra | 26,108,387,644 | 25,057,801,064 | -1,050,586,580 | -4.0 | 19,201,834,018 | 20,880,362,602 | 1,678,528,584 | 8.7 |
| Gungahlin | 13,277,378,811 | 13,579,875,937 | 302,497,126 | 2.3 | 9,904,467,500 | 10,919,404,062 | 1,014,936,562 | 10.2 |
| Molonglo Valley | 2,223,542,958 | 2,377,061,958 | 153,519,000 | 6.9 | 1,891,752,162 | 2,022,329,019 | 130,576,857 | 6.9 |
| Tuggeranong | 14,573,604,985 | 14,431,682,985 | -141,922,000 | -1.0 | 11,064,602,465 | 11,978,338,173 | 913,735,708 | 8.3 |
| Weston Creek | 6,112,872,231 | 5,627,829,231 | -485,043,000 | -7.9 | 4,213,342,691 | 4,641,086,572 | 427,743,881 | 10.2 |
| Woden Valley | 10,470,511,370 | 10,166,532,368 | -303,979,002 | -2.9 | 7,585,344,173 | 8,334,363,677 | 749,019,504 | 9.9 |
| Ungrouped* | 191,903,380 | 208,903,380 | 17,000,000 | 8.9 | 147,847,843 | 164,027,694 | 16,179,851 | 10.9 |
| Total ACT Residential Properties | 91,879,981,641 | 89,600,898,138 | -2,279,083,503 | -2.5% | 68,220,784,436 | 74,312,749,974 | 6,091,965,538 | 8.9 |
* Includes Hall, Pialligo, Paddy’s River, Jerrabomberra, Majura, Stromlo, Symonston, Tharwa, Uriarra Village.
** Average unimproved value (AUV) is the average of unimproved values (UV) over the last 5 years.
Note: Unimproved values are as at 1 January 2022 and 1 January 2023 for the current stock of rateable residential parcels of land. This includes new properties and redeterminations.
Commercial Valuations
The determination of commercial unimproved values
Commercial unimproved values for rating purposes are re-determined for 1 January each year.
Commercial unimproved values are retrospectively reviewed and are not adjusted until there is a significant body of sales evidence to support a change to the value. With the ACT’s small commercial property market, there is generally a lack of sales volume to justify frequent small adjustments to unimproved values. Hence, changes in commercial unimproved values tend to be lumpy and intermittent. The impact of large changes in unimproved values on general rates is smoothed out by a 5-year AUV for rating purposes.
Commercial valuations for 1 January 2023
In general, commercial property sales data does not support an overall increase in commercial unimproved values across the Territory. This year a regrading project was undertaken in Belconnen with unimproved values in Belconnen increasing by 0.7 per cent. This ensures that unimproved values in Belconnen are now comparable with those in Fyshwick, Mitchell, Beard and Hume where regrading projects were undertaken in 2021 and 2022.
Changes in commercial property unimproved values for other locations reflect identified commercial sales in those areas.
Unimproved values are averaged across 5 years to determine rates for each property. Known as the Average Unimproved Value (AUV), this has increased by 2.9 per cent across the Territory. Note in some areas the change in AUV will vary from the change in unimproved value for 1 January 2023, as changes to unimproved values from prior years flow through.
Rates revenue on average does not increase by more than 3.75 per cent consistent with the Government’s tax reform program.
Individual commercial property values can be found here.
| 2022 Unimproved Value ($) | 2023 Unimproved Value ($) | UV Change ($) | UV Change (%) | 2022 Average Unimproved Value** ($) | 2023 Average Unimproved Value** ($) | AUV Change ($) | AUV Change (%) | |
|---|---|---|---|---|---|---|---|---|
| Barton | 256,421,340 | 256,421,340 | 0 | 0.0 | 218,861,980 | 231,254,205 | 12,392,225 | 5.7 |
| Beard | 30,079,992 | 30,079,992 | 0 | 0.0 | 28,834,832 | 29,428,185 | 593,353 | 2.1 |
| Belconnen | 258,658,345 | 260,466,345 | 1,808,000 | 0.7 | 247,584,253 | 251,742,543 | 4,158,290 | 1.7 |
| Braddon | 265,177,410 | 265,177,410 | 0 | 0.0 | 257,435,127 | 259,467,241 | 2,032,114 | 0.8 |
| City | 841,431,558 | 841,431,558 | 0 | 0.0 | 813,188,598 | 823,870,017 | 10,681,419 | 1.3 |
| Deakin | 140,135,165 | 140,084,165 | -51,000 | 0.0 | 127,998,855 | 132,080,757 | 4,081,902 | 3.2 |
| Dickson | 125,333,053 | 125,200,053 | -133,000 | -0.1 | 123,438,214 | 124,327,213 | 888,999 | 0.7 |
| Fyshwick | 711,695,996 | 711,695,996 | 0 | 0.0 | 587,321,945 | 618,155,319 | 30,833,374 | 5.2 |
| Greenway | 154,490,483 | 154,490,483 | 0 | 0.0 | 154,054,654 | 154,258,935 | 204,281 | 0.1 |
| Griffith | 174,055,132 | 174,055,132 | 0 | 0.0 | 167,826,696 | 169,399,353 | 1,572,657 | 0.9 |
| Gungahlin | 161,511,417 | 164,870,717 | 3,359,300 | 2.1 | 153,781,033 | 157,331,225 | 3,550,192 | 2.3 |
| Hume | 253,668,000 | 253,668,000 | 0 | 0.0 | 234,090,386 | 241,489,384 | 7,398,998 | 3.2 |
| Kingston | 119,455,052 | 119,458,412 | 3,360 | 0.0 | 92,636,948 | 101,574,679 | 8,937,731 | 9.6 |
| Mitchell | 215,022,000 | 215,022,000 | 0 | 0.0 | 186,286,555 | 194,729,127 | 8,442,572 | 4.5 |
| Phillip | 398,512,474 | 397,962,474 | -550,000 | -0.1 | 379,815,475 | 387,739,518 | 7,924,043 | 2.1 |
| Other* | 1,238,564,358 | 1,302,336,033 | 63,771,675 | 5.1 | 1,119,976,470 | 1,159,594,870 | 39,618,400 | 3.5 |
| Total ACT Commercial Properties | 5,344,211,775 | 5,412,420,110 | 68,208,335 | 1.3 | 4,893,132,021 | 5,036,442,571 | 143,310,550 | 2.9 |
* Includes local centres and other commercial properties.
** Average unimproved value (AUV) is the average of unimproved values (UV) over the last 5 years.
Note: Unimproved values are as at 1 January 2022 and 1 January 2023 for the current stock of rateable commercial parcels of land. This includes new properties and redeterminations.
2023 Rural Values
The unimproved value of rural properties in the Territory has been under review for a number of years. Generally, there is not a high turnover of these type of properties, so unimproved values are not updated regularly. However, over the past three years, a number of properties have sold that support a full review of unimproved values for 2023.
The 2023 values have increased significantly. These increases have been driven by demand factors such as increases in the value of nearby residential land and changes to the intended purpose of the land, as well as the relatively small number of rural properties in the Territory.
Rating factors have been adjusted down so that the overall charge on rural properties will only increase on average by 3.75 per cent. There is not a revenue windfall to the government as a result of the uplift in rural values.
The 2023 values improve value relativities between similar properties and align more broadly with market levels. If you would like information on the sales that were considered in determining the value of your rural property please lodge an additional information request through our contact us form. This information should be obtained before considering lodging an objection.
Individual rural property values can be found here.
Objecting to a valuation
If you think your property's latest unimproved value is incorrect, you can lodge an objection to the new land value. See further details under Rights and objections.