Eurobodalla land values jump 60 per cent, changes to council rates possible

The revised figures will likely mean changes to land taxes and council rates for property owners.

Whether that change is positive or negative, though, will depend entirely on individual properties.

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In the Eurobodalla, land value has jumped, on average, by 61.5 per cent. Though the figures vary significantly between different categories of land.

Average increases across five categories are:

Even though there have been overall increases in all land categories, Eurobodalla Shire Council has assured it would not hit all owners with a rate rise; at least, not one based off the average figures.

Any changes will depend on whether a single property's value has gone up or down in the new valuation.

"There is a common misunderstanding that increased property valuations will result in a windfall in rates for councils. This is not the case," a council spokesperson said.

"The increase in land values will not change Eurobodalla Council's total permissible rates income but will result in changes in the rates levied on individual properties depending on their respective increase or decrease in land value.

"The revaluation redistributes the same allowable rates income across the rating categories based on the new valuations for each property."

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With the new land values now public, owners can expect notice from the NSW valuer general, showing their individual new land value.

Outside of the land valuations, Eurobodalla Shire Council rates are set to go up 4.3 per cent across the board, for the 2023-24 financial year.

This rate rise was approved by the Independent Pricing and Regulatory Tribunal of NSW (IPART) before the new land valuations were released.

"The total amount of general rate income collected by NSW councils is capped by the Minister for Local Government on an annual basis," the council spokesperson said.

"In Eurobodalla Council's rating structure, fifty per cent of rates are levied using a base amount (this is the maximum allowable) and fifty per cent are levied via a rate in the dollar based on the land value.

"The increase in land values means the rate in the dollar and base charges will reduce to ensure Council's general rate income remains within the permissible income limit as set by IPART."

Previously, the Eurobodalla had been officially valued in 2019. Back then, the shire's total land value was $6,590,295,780.

Upon the new valuation, land in the Eurobodalla is collectively worth $14,463,615,868 in 2022 - an increase of 119.47 per cent.

The latest land values for all properties in NSW are available on the Valuer General NSW website: valuergeneral.nsw.gov.au