A trend of people moving out of cities and urban areas and into the regions during the COVID-19 pandemic and a lack of housing stock contributed to rising land values, according to Urban Taskforce chief executive Tom Forrest
In NSW, the Valuer-General determines the value of land, and every three years provides a notice of valuation to property owners.
Owners who are subject to land tax, usually property investors, holiday homeowners and businesses, often complain about fluctuations, largely because it is not clear why the valuations on unimproved land have shifted.
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