LAND VALUES: Figures reveal how much your property is worth
LAND values across the Northern Rivers have spiked over the past 12 months and Ballina has led the charge with increases in residential and rural areas.
NSW Valuer General Simon Gilkes released the new figures late last week, reflecting the property market as at July 1, 2016.
The total land value for the North Coast region increased by 8.4%, from $54.29 billion to $58.84 billion.
Mr Gilkes described it as a "moderate" increase, but there were some exceptions.
The largest increase in the value of residential properties occurred in Ballina (13.8%), Tweed (11.5%), Lismore (12.5%) and Byron (10.5%).
But at Kyogle, land values decreased slightly (-0.13%).
Overall land values for commercial land increased by 6.5%, with an 11.7% increase in the Byron Shire.
Rural land values for the region have shown a moderate increase of 5.2%. The largest increases occurred in Ballina (10.4%) following strong demand for rural lifestyle properties.
Mr Gilkes said the independent valuations were quality-assured through a "range of system checks and audits".
"Western Sydney University has independently checked the quality and accuracy of the land values for residential, rural, industrial and commercial property against industry recognised valuation standards," Mr Gilkes said.
"Land values do not include the value of the home or improvements to the land.
"Land values are one factor used by councils to calculate rates.
"Changes in land value don't always mean a change in council rates.
"Each council develops a revenue policy which is used to determine rates charged to fund community services."
Landholders will receive a Notice of Valuation showing their land value. For more information visit www.valuergeneral.nsw.gov.au or phone 1800 110 038.
Owners who are concerned about the land value have 60 days to lodge an objection. The last date to object is printed on the Notice of Valuation.