What is unimproved value?
The unimproved value is what the block of land is worth subject to its highest and best use under the lease conditions. It does not include any improvements on the land, such as buildings, landscaping, paths and fences.
This is different from the full value or market value of the block.
The value of your land determines the rates and land tax charges.
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 owners corporation; we don’t send individual valuation notices to unit owners.
To search for the unimproved value or your property for the current year and the last two years, click on the 'Find your unimproved value' button below.
How are values assessed?
Valuers assess the unimproved value of each block by looking at 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.
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.