Your property will be rated as one of two rating methods:

Unimproved Value (UV) is used for primary producers whose main source of income is derived from the land, with activities such as farming and horticulture. This valuation is based on the unimproved capital value of the land.

Gross Rental Value (GRV) is used for all other properties. Improved property valuations are based on a gross annual rental that the land might reasonably expect to realise if let on a tenancy, including outgoings such as rates and other property expenses. Many factors are taken into consideration when assessing the valuation, such as location, age of the premises and size of the improvements (ie how many bedrooms, bathrooms, living areas and floor space of commercial properties). As most commercial rentals are negotiated net of outgoings, these need to be added to the net rental and if rental payments are subject to GST, they are included in the GRV. If the land is vacant and has a residential zoning, the valuation will be 3 per cent of the capital land value. Vacant land that is not zoned residential (eg industrial or rural) will be valued at 5 percent of the capital land value.

Landgate revalues GRV rated properties every three years and UV rated properties every year.

For further information on valuations, visit the Landgate website - Rating & Taxing information.