A statutory assessment is a valuation-based assessment made by the Valuer General on land value (site value) and the value of a property inclusive of land and improvements (capital value).
Statutory authorities use these values to establish rating and taxing levies, including State Land Tax, Council Rates, Water Rates, and Emergency Services Levy for the new financial year.
Increases in these values results in a rise in the rates and taxes payable by land and property owners.
The taxing date of Statutory Assessments is 31 December each year, and the assessments are applicable to the following year.