How is my Property Valued
How properties are valued
Qualified valuers analyse property sales and market trends that occur between the general valuations to determine levels of value. This is then applied to each individual property for both site and capital values.
Valuers consider physical attributes such as:
- Location including views, aspect and elevation
- Site details, such as land classification, zoning and land area, and heritage restrictions
- Site influences such as the shape, topography, nearby uses, frontage
- The building, its size, age, condition, style, improvements and construction type
- The highest and best use of the site.
Property values are determined by comparing your property to that of similar properties recently sold, with appropriate adjustments made for any differences. Property values are determined annually and reflect the level of the market at 1 January each year. The new valuations take effect from 1 July in the same year and may be used by state and local government for rating and taxing (where applicable).
Where something (other than market fluctuations) has amended the property value, supplementary valuations may be performed between general valuations.
- Physical changes to building, for instance additions, new dwellings and demolition of dwellings.
- Rezoned, or
- Portions are sold off
Value of a parcel of land excluding structural improvements. It does however include improvements such as:
Draining, filling, retaining walls, excavating, grading or levelling of land, removal of rocks, stone, sand or soil, and the clearing of timber, scrub or other vegetation.
Value of a parcel of land including improvements such as:
- Buildings and structures
- Wells, dams and reservoirs
- Planting of trees for commercial purposes.
An annual value is based on the gross rental with an allowance for outgoings which is used by City of Adelaide for council rate purposes.
The Valuation of Land Act 1971 provides for notional values, which are concessional values based on the actual use of the land in certain circumstances and not the highest and best use of the land. It is a value less than the market worth of the property.
For example, if there is a single house on the land but zoning would allow the land to be divided for individual allotments, then consideration is given to the value the land would achieve if sold to be developed.
However, there are circumstances in which valuations made for rating and taxing purposes have regard to the ‘actual use’ of the property. This applies where the land is used solely as the owner’s principal place of residence (home), or is genuinely used for the business of primary production.
If you believe your property falls into one of the above categories and its actual use would result in a lower value than the highest and best use, you can lodge a Primary Production Notional Value application form.
If your property has been given a notional value and the actual use or your circumstances change, then you must notify the Valuer-General within 28 days.
Valuations established for properties that are registered on State or Local Heritage lists, require the Valuer-General to disregard any potential use of the land that is inconsistent with its preservation as a place of State or Local Heritage significance or value.
How to find your property’s valuation
Your property’s value can be found via:
- Statutory Authority notice such as council rates, water and sewerage rates, or Emergency Services Levy and land tax where applicable
- South Australian Integrated Land Information System (SAILIS) – online land and property information.