Every three to six years, Landgate values all properties in WA for rating and tax purposes.
Landgate collect and analyse property details to determine the property's Gross Rental Value (GRV).
GRV is an estimate of how much the property might earn each year if it was rented out, regardless of whether it actually is or not.
They look at variety of considerations including where the property is located, size, age, what it is made of and whether it has any extras like a pool or shed.
Local properties were last valued in 2019 and have recently gone through a revaluation.
If any additions, improvements, demolitions, sub-divisions or amalgamations have been made to a property since 2019, this will be considered by the valuer. The recalculated GRV will reflect the changes made to the property and will be given to the property owner by an adjustment notice advising of additional charges or refunds.
The information about the GRV is then passed on to local governments, water providers and other rating authorities so they can calculate the property's charges. This directly impacts the money property owners pay in rates.
It is a fair and consistent way for everyone who pays rates to contribute to services, programs and infrastructure that help our community.
To help understand GRV or if you have any questions about the current revaluation and the GRV set for your property, please visit the Landgate website. There you will find information about property valuations and GRV, including short, easy to understand videos.
Video credit: Landgate WALIA