Minor activity in commercial and industrial properties has indicated that these values should not be altered. Values for both agricultural and grazing rural land remain unchanged from the last valuation. Sales of these lands indicate values have been generally static. Only a small number of rural property valuations have increased or decreased. Mr Cremer said the valuations, which would take effect on June 30 this year, provided an annual snapshot of unimproved land values at 1 October 2000 and reflected the state of the local property market at that time.
Valuations are only one of many guides available to councils.
The actual rate charged is the decision of the individual council based on its local policies and financial requirements for the year ahead. Amendments to the Valuation of Land Act 1944 mean that some landholders who hold land under a lease, licence or permit from the State will receive two valuation notices this year.