Time is fast running out to object to your new property valuation.
Once the 30 days expire, there is little chance of having the valuation altered for the next three years.
The valuations are calculated by the Valuer General but applied through rating by Katherine Town Council.
It is the Valuer General which considers the objections.
Letters advising property owners of their new valuations arrived in Katherine letterboxes the first week of this month.
Katherine Times has been told some residents believed the valuations did not reflect the full impact of the PFAS contamination crisis gripping the town.
The unimproved capital values are calculated by the NT Government, basically by doing a desktop analysis on any recent property sales in the area.
The notices contain information about the objection process.
After the 30 days is over, the "valuation roll" is presented to council on which it will base next year's rates.
The government does not set or levy rates.
The UCV (unimproved capital value) identifies the amount land alone would be expected to sell for without any encumbrances or improvements (i.e. dwellings, sheds, pools etc.).
UCVs are determined by considering similar sales in the market, observed trends, supply and demand, and the land's current use and zoning.
The 2019 Katherine revaluation includes analysis of sales prices that occurred within the Katherine locality between 2016 and 2019.
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