The Valuer-General explains how property values are determined each financial year.
What is a statutory valuation?
The Valuer-General undertakes statutory valuations for all rateable properties within South Australia.
A statutory valuation is a formal assessment of a property value, conducted under the Valuation of Land Act 1971, which is utilised for rating and taxing purposes.
Statutory valuations also have objection rights where property owners can formally object within 60-days of receipt of their first rates notice each financial year.
How do statutory valuations differ from other property valuations?
Statutory valuations are used solely for the purposes of rating and taxing.
Other property valuations are undertaken for the purposes of buying/selling property, insurance, loans, deceased estate settlements, Centrelink benefits etc. These valuations are undertaken by valuers outside the Office of the Valuer-General.
The Valuer-General explains the difference between statutory valuations and other valuation types.
How is my property valued by the Valuer-General?
Statutory property valuations aim to reflect market value and are based on how the market has performed in the prior calendar year. The Date of Valuation is 1 January, and valuations come into effect on 1 July each year.
Mass appraisal is the primary valuation methodology adopted in South Australia and is a widely accepted methodology, utilised across many parts of the world.
Through the course of the year, Land Services SA collect data, undertake research and analysis with the aid of sales evidence and market reports on behalf of the Valuer-General.
Properties that are similar in nature, possibly due to locality, land size, property type, vintage, size of equivalent main area and use are grouped into sub-market groups.
The research and analysis is utilised to indicate how the market has performed relative to each of those sub-market groups. The result of such analysis is the adoption of an index which is applied to every property within that particular group.
There are over 2,300 sub-market groups in South Australia and whilst some might have similar indices applied, each and every one is analysed separately.
What does the value of my property mean for my rates notice?
Whilst the Valuer-General determines property values, she does not determine rates and taxes. However, rating and taxing authorities may utilise these valuations, combined with other factors, to determine your rates and taxes each financial year.
To find out how rating and taxing authorities determine their rating position see:
How do I find my property valuation?
Your property's value can be found via:
- Statutory authority notices such as council rates, water and sewerage rates or Emergency Services Levy and land tax (where applicable)
- South Australian Land Information System (SAILIS) - online land and property information
- Contact Land Services SA via telephone on 1300 653 346