Devastated flood victims set to save big under new land value scheme
Flood victims who have lost everything have a sliver of hope, with a new scheme offering them discounts. Find out how you can save.
NSW
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Flood damaged properties will have their land value lowered in a bid to cut back council rates and land tax for devastated homeowners.
NSW Valuer General David Parker has stepped in to lower the value of flood ravaged homes across the state’s most impacted regions.
“It’s all about fairness, I’m an independent statutory officer so I can’t be told what to do by the government. I can sit down and say there are no sales in Lismore so the prices are going to stay as they are,” he said.
“Chances are if you sold your flood wrecked house and land today, you’ll get less than you got 12 months ago.”
Mr Parker said the last thing flood victims wanted in the new year was a notice from the government saying their value had gone up.
“We do some research to determine how much less and give that to you even though there are no sales. That’ll help you a little because your rates will be lower, your land tax would be lower if you’re an investor,” he said.
“The valuation that I put on their block of land has no effect on how much they sell their land for. All it does is discount their rates and land tax.”
Homeowners can then get their land revalued when it’s repaired or rebuilt.
Mr Parker has worked with other parts of the government to identify the most flood affected areas where this policy can be rolled out.
“It’s pretty tough if you live in a flood affected area and the first thing you get from the government in the new year is a notice to say your land value has gone up 30 per cent. We are working very hard to make sure that doesn’t happen,” he said.
A helpline will also be set to assist anyone who is eligible but may have been missed by Mr Parker’s office in the first instance.
The same initiative was rolled out in the aftermath of the 2019-2020 bushfires.
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