Rural land values saw substantial increases in value in all of the region's areas except one, while residential, commercial and industrial land value "held steady" with changes of less than ten per cent either way.

Officially valued by the government, the report will be used by Revenue NSW to calculate land tax for the 2021 tax year.

The valuations released on Monday, and conducted by the NSW Valuer General Dr David Parker, reflect the market as of July 2020 across the Tamworth, Gunnedah, Gwydir, Liverpool Plains, Moree Plains, Narrabri and Walgett areas.

Dr Parker said overall, prices have "generally" increased or remained steady since July 2019. The region's overall residential land value increased by 7.4 per cent, from $21.5 billion to $23 billion.

Gunnedah and Narrabri were exceptions, both dipping by three per cent, which was attributed to the "subdued demand" from drought conditions.

Commercial land saw a 2.6 per cent drop in value across the entire region. Individually, the Liverpool Plains "held steady" with a drop of just one percent, while Moree and Walgett saw no change at all.

Those with the biggest changes were Tamworth, with a 2.7 per cent dip, Gunnedah with a 3.7 per cent drop, and Narrabri was worst-off with a slump of 5.15 per cent.

Prolonged drought was again singled out as the reason behind the decrease in value, causing subdued demand and more vacancies.

Industrial land values increased overall by 0.8 per cent. The only town to see any real movement was Gunnedah, with a two per cent drop compared to 2019.

Rural land value is where the real movement comes into the figures for each town, with greater variation between the areas amounting to a growth rate of 10.2 per cent in total.

They increased by a strong 10.2 per cent in the Tamworth region, with moderate increases also seen in Gunnedah, 10.2 per cent, Liverpool Plains, 9.8 per cent, and Narrabri, 7.5 per cent.

Moree Plains' rural land value increased even further, with a 12.1 per cent rise, but it was topped by Gwydir by 18.9 per cent.

"The upward trend of rural land values was primarily driven by continued strong commodity prices, limited supply and sustained demand of good quality farming and mixed cultivation and grazing lands, following the improvement of seasonal conditions with rainfall in early parts of 2020 after prolonged drought conditions," the report said.

The exception was Walgett, which had a "well-balanced supply and demand, despite drier than normal seasonal conditions".

Property sales were the most important factor in determining valuations, Dr Parker said, noting the team had a tough time following drought, bushfires and COVID.