Landowners in New South Wales will start receiving new valuations from the NSW acting valuer general.
The Notices of Valuation, which will be issued progressively until the end of April, will reflect the value of land as of 1 July 2019.
Acting Valuer General Paul Chudleigh said the office will delay the issuing of notices in bushfire-affected regions to allow owners to deal with more urgent concerns first.
"People in bushfire-affected communities are hurting. Many have suffered property damage or lost homes, and some have also lost loved ones. Many will be living in areas that remain devastated for some time following these tragic events," he said.
Chudleigh said it is too early to determine how significant the impact of the bushfires would be on property values.
"Unfortunately, the bushfire season is far from over. However, I have asked our valuers to closely monitor the affected areas," he said.
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Land values decreased across the state in the 12 months to July 2019, down by 5.4% to $173tn. The value of residential lands in Sydney and coastal areas declined during the period, but some regional areas reported slight to moderate increases.
Despite the drought, rural land values increased. This improvement was characterised by a strong demand for stock and commodity prices. The limited supply of rural properties also boosted the value of land in this segment.
Commercial and industrial land also reported gains during the year.
