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Home > Property, Titles & Maps > Office of the Valuer-General > Property Valuation Adjustment Factors

Property Valuation Adjustment Factors

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Introduction

The Valuation of Land Act 2001 determines rating and taxing authorities are to be provided with market-based Adjustment Factors for property valuations when rating authorities are not subject to a revaluation cycle. Adjustment Factors help minimise large fluctuations to valuations that can occur between the revaluation cycles. Currently, revaluations are determined on a six year cycle as defined in the Act.

Property market fluctuations may vary widely from year to year. In times of buoyant real estate conditions, property values generally increase. In a depressed real estate market, property valuations generally remain static or decrease. Adjustment Factors move in accordance with real estate market trends.

Adjustment Factors are refined to take into account local market conditions rather than broad municipal averages.

The Adjustment Factors program enables land tax and council rates assessments to be closely aligned with current market values providing a more stable rating and taxing system in Tasmania.

Who determines Adjustment Factors?
Adjustment Factors are determined by the Valuer-General.

How often will Adjustment Factors be used?
The factors are determined annually for Land Value and every two years for Assessed Annual Value.
Adjustment Factors are not issued when a revaluation is being undertaken within a municipal area as the revaluation is used to calculate rates and taxes.

Which properties will have an Adjustment Factor applied?
Adjustment Factors are determined for all properties within a municipal area.

The Valuer-General may determine Adjustment Factors for defined classes of property on a municipality, locality, or group-of-localities basis within a municipal area.

How are Adjustment Factors calculated?
The Valuer-General uses current property sales, rental data and other relevant market evidence to determine the current levels of value of each location and class within the nominated area.

The factors are determined in accordance with current International Valuation Standards Committee

protocols.

What are the different classes of property?
The classes of property as determined by the Valuer-General are:

Where can current Adjustment Factors be viewed?
The Valuer-General publishes the Adjustment Factors, localities and classes in the Government Gazette and provides notification of such in local newspapers in late February/early March of each year. Current Adjustment Factors are also available on-line.

Property owners may access Adjustment Factors that apply to their property using the LIST website

.

Details of the current Adjustment Factor, locality and class of property may be included on council rate notices or land tax assessments.

Can Adjustment Factors be reviewed?
Landowners may request a review of Adjustment Factors to the Valuer-General within 60 days of the publication of the factors in the Government Gazette. The request must be in writing and accompanied by a statement of the grounds on which the review is made. All relevant supporting evidence should be included.

Reviews of Adjustment Factors on an individual property are not applicable, as an Adjustment Factor is not a valuation.
The Adjustment Factor is a ratio or percentage used to adjust property value levels within a locality and class.

Adjustment Factors are based on market movements since the last revaluation. Any request for review must relate to the factor applied for the defined class and locality.

If you believe your property has been included in the wrong class or locality, you may advise the Valuer-General, stating the class or locality considered to be correct. The Valuer-General will investigate the matter and notify you of the determination.

Reference material

Definitions of Terms Used in Adjustment Factors
Adjustment Factor Schedules
Use the LIST website to look up adjustment factors for an individual properties. Choose Public Services, then Valuation Adjustment Factors.
Adjustment Factors Summary Brochure

Further information:

Contact: OVG Enquiries

OVG Enquiries
Level 5, 144 Macquarie Street
Hobart TAS 7000
Phone: 03 6233 3715 or 1300 368 550 (local call)
Fax: 03 6233 5694
Email: ovg.enquiries@dpipwe.tas.gov.au

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This page - http://www.dpipwe.tas.gov.au/inter.nsf/WebPages/KGIY-6YYVDN?open - was last published on 12 August 2009 by the Department of Primary Industries, Parks, Water and Environment. Questions concerning its content can be sent to Jan Simpson by using the feedback form, by mail to GPO Box 44, Hobart, Tasmania, Australia 7001, or by telephone to 03 6216 4202.

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