Glossary of Property Terms

The statute which provides for the valuation of properties for rating and taxing purposes.

The official charged by the Valuation of Land Act with the responsibility for the administration of that act.

• Site value - the value of the land including site improvements (such as levelling, retaining walls and clearing of timber) but excluding structural improvement.
• Capital value - the value of the land including all improvements permanently attached to the ground (such as buildings and sheds). The Capital value is used by Rating Authorities as the basis for the levying of rates, taxes and other imposts. The value is determined annually and based on the analysis of market evidence.
• Notional value - concessional property valuations that protect existing uses where there is pressure to alter the use away from the current use or the current zoning allows for a more valuable use. The notional value will disregard any potential enhancements to value including existing land divisions. The lower notional value will be used by rating authorities to provide rate relief to the owners. Refer to the Valuation of Land Act 1971 Section 22A.

The types of notional values are:

• Residential - to qualify the owner must be a natural person and the property is their principal place of residence.
• Rural - to qualify the land must be genuinely used for the 'business of primary production'.

Please note that a combination of notional value types for a particular parcel of land will be granted where applicable.