From a $1.903 billion total value in July 2008, it is now assessed at $1.855 billion.

However when several thousand landowners in the Upper Hunter Shire read their notice of valuation this week, most won’t see much difference since 2008.

The value of residential land including villages, rural and hobby farms has generally remained steady.

There have been some increases in Aberdeen, Merriwa the eastern side of the Scone shopping centre, Moonan Flat, Blandford, Parkville and Wingen.

In Gundy some values have risen strongly. But land in the village of Cassillis has shown a strong decrease because of its relatively remote location and limited demand.

Murrurundi has also experienced some slight decreases in value since 2008 according to the NSW Valuer General.

Commercial and rural broadacre land has generally decreased slightly, while industrial land has generally increased moderately in value.

Property sales are the most important factor in determining land values.

In the Upper Hunter Shire 187 residential, 150 rural, 12 commercial, and one industrial real estate sales were analysed.

The land values released on Friday are issued to the Upper Hunter Shire Council to use in the determination of rates. Increases in land values do not necessarily lead to similar increases in rates.