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so to be clear, does this government land valuation influence property valuation in any way? or is just another way of the government subsidising their own incompetence?

Received statutory valuation for ip in kedron, says site value increase from 160k to 260k. 100 grand in 12 months!?!?!?!? Can anyone explain to me the implications of the statutory valuation? Obviously my land tax and rates will be impacted accordingly. Do property valuers use this as a...