Step 2: Rental evidence is collected and analysed to determine GRV
Step 3: GRV is applied to your rates on the effective date
For land that is undeveloped, a GRV is still determined by Landgate. As rental evidence cannot be used for this assessment, a statutory valuation of 3% of the unimproved value (UV) is applied to properties designated as residential and 5% for properties designated as non-residential properties.
If you are unsure if your land has been classified as residential or non-residential, please contact us.
Below are example GRV calculations for undeveloped land with an unimproved value of $250,000.
|Property Classification||I want to know how the GRV is calculated for undeveloped land||I want to know what UV was used to calculate the GRV for undeveloped land|
|Residential||$250,000 (UV) multiply by 0.03 = $7,500 (GRV)||$7,500 (GRV) divide by 0.03 = $250,000 (UV)|
|Non-residential||$250,000 (UV) multiply by 0.05 = $12.500 (GRV)||$12,500 (GRV) divide by 0.05 = $250,000 (UV)|
Due to the volume of valuations and expansive land area of Western Australia to be covered, the most cost-effective approach is to conduct GRVs on a 3-year basis for the metropolitan area and 3 to 6 years for regional areas, depending on the local government.
Completing valuations on a more frequent basis would see higher rates and charges for property owners.
While Landgate is responsible for determining the GRV of your property, each rating authority sets their own rate in the dollar to be charged. If you have any queries on the rate in the dollar or levies, please contact your respective local council or rating authority.
If you still have questions or concerns about your GRV, please contact us.
If your concern is unresolved, you may wish to lodge a formal objection online. Find out how to lodge an objection.