The NSW Government recently released a review on how COVID-19 has impacted the NSW property market. If this is of interest to you, you can read it here. The review was undertaken by the Valuer General in order to determine:
- If the property market in NSW was sufficiently active at 1 July 2020 to support the 2020 Land Tax Valuations
If the residential and non-residential sectors of the NSW property market had been similarly affected by COVID-19
If there were any implications for statutory valuation practice arising out of COVID-19.
You should have all by now have received your Land Tax Assessment, which is determined by using the average land values over the past three years, and will reflect the impact of COVID-19.
The impact was probably lower here than other areas of Australia – however if you were expecting an adjustment for COVID-19 but did not receive it, you can call the Valuer General’s COVID-19 hotline on 1800 458 884 to discuss your valuation.