Millions of property owners in NSW face a new levy to fund fire and emergency services, after an overhaul of how land is valued to determine land tax and council rates.

On Thursday, a parliamentary inquiry released its final report into the land valuation system, recommending changes designed to increase transparency and make it more equitable.

The government is believed to be preparing to endorse the recommendations and will use the overhaul of the valuation system to introduce the emergency services levy.

The charge, first signalled in last year’s budget, means every property owner would face an annual charge of about $300 to fund fire and emergency services.

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At present, three-quarters of the annual $950 million cost of funding

via Households to pay $300 for fire levy.