No formal objections on new Katherine valuations

As a result, the new valuations as calculated this year by the NT Government's Valuer-General will not change and have been handed over to Katherine Town Council for the setting of next year's rates.

The new valuations will stand for four years.

While no formal objections were made, the Valuer-General's Office did receive "a number" of informal objections to the valuations sent out on October 22 last year.

"During the objection period a number of land owners made inquiries regarding determination of their unimproved capital values," a Department of Infrastructure, Planning and Logistics spokesman said.

"As part of the objection process, the Valuer-General's Office explained the Comparable Sales Analysis process that supports assigned UCVs directly with the land owner.

"This resolved all matters and as a result, no objections were progressed to the Valuation Board of Review."

Unimproved Capital Value (UCV) 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.

While many property values are known to have recorded a fall in price, Katherine Times has been told some had considered the fall would be greater considering the low number of house sales in town.

The 2019 Katherine revaluation include analysis of sales prices which occurred within Katherine between 2016 and 2019.

Some considered the impact of PFAS contamination of groundwater, first made public in November 2016, has had a major impact on sales.

"The Katherine revaluation program is now complete and final UCVs have been provided to the Katherine Town Council," the departmental spokesman said.

The Government does not set or levy rates.

The Government determines the UCV, advises landowners, and prepares a Valuation Roll of the UCVs for use by council.

Council will then use the 2019 Valuation Roll to apportion rates for the 2020 financial year.

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