NSW land valuations to be examined
Market watch top headlines
SYDNEY, Jan 28 AAP
January 28 2013, 07:40AM
More than two million official land valuations in NSW will be examined by a new inquiry, prompted by concerns that property owners are overpaying land tax and council rates.
The concerns have been sparked by reports indicating the system used by the Office of the Valuer-General is out of step, Fairfax Media reported on Monday.
It said the inquiry would examine confidential data for all 2.4 million land valuations between 2000 and 2012 to pinpoint council areas with the biggest discrepancies between official estimates and market values.
A land valuations analysis conducted by a private firm hired by competitive tender will help the inquiry by parliament's joint standing committee on the Office of the Valuer-General decide whether to recommend changes to the system.
The consultant will be asked to test whether official valuations have outstripped market values and if property owners have lost out in particular local government areas.
The inquiry opens in Broken Hill on Thursday and will take public submissions until March 8.