How is the GRV determined for land with no buildings?
For land that is undeveloped, a Gross Rental Value (GRV) is still determined by Landgate. As rental evidence cannot be used for this assessment, a statutory valuation of three per cent of the Unimproved Value is applied to properties designated as residential and five per cent for properties designated as non-residential.
These assessments are conducted in line with the GRVs generated from rental evidence and have the same date of valuation. This date is used by valuers to ensure a fair and equitable assessment is completed for all properties at a given point in time.
The diagram below represents the timeline of a GRV calculated every 3 years, which applies to the Perth metropolitan area and some WA regional local governments. Other WA regional local governments are assessed on a 3 to 6 year period, as deemed suitable by the Valuer-General.
The date of valuation (in this case 1 August 2018) is the date all properties within a local government area are assessed at, to determine a GRV. The effective date (in this case 1 July 2020) is the date the GRV is applied by local councils or other rating authorities. You can see how the GRV is applied to your rates notice over a 3 year period.