Valuations & Objections
We re-value your property annually in line with State Government requirements, and in accordance with the Valuer-General Victoria 'Best Practice' guidelines.
We have recently completed valuing all properties with a valuation date of 1 January 2019.
These valuations will appear on your rate notice for the rating year 1 July 2019 to 30 June 2020.
The Victorian State Government has introduced annual valuations, so every year the market value of your property is assessed and this value determines the amount of rates you pay. The Valuer-General is now responsible for appointing a valuer to determine the value of properties in our municipality. The Valuation of Land Act specifies what a valuer is required to consider when valuing a property. For example, Sales analysis, use of land, shape, size, topography, soil condition, situation of the land in respect of natural resources and to transport and other amenities, etc.
A revaluation does not increase or decrease revenue for council, but is used to ensure the distribution of the rate burden remains fair and equitable over time and according to property values.
Rates are calculated based on the value of a property, using a method called Capital Improved Value. Capital Improved Value (CIV) refers to the value of the land and any improvements, such as a house, garage, swimming pool etc.
Object to a Valuation
Ratepayers have the opportunity to object to their valuation on a number of grounds. In the past, some ratepayers have objected because they believe the rates are excessive, not because they believe the valuation is excessive. This is not a valid reason for objecting to their valuation. Contact Council’s Rate Department on (03) 53550200 for further information regarding valuation objections.
How Are Property Valuations Determined?
Property valuations are determined by analysis of property sales and rental evidence. Information is compiled on each property through inspection, building and planning applications/permits and other public sources. Property valuations appear on your Rate and Valuation Notice issued around August each year.
Levels of Property Valuations
Council is required to provide three levels of valuation for each property. However, the most important valuation is Capital Improved Value, as this is the valuation figure that determines the level or rates charged on a property.
The three levels of property valuations are:
- Capital Improved Value - This refers to the value of the land and any improvements to the property, such as a dwelling, garage, pool, shed etc
- Site Value - This refers to the value of the land only
- Net Annual Value - This equates to 5% of the CIV on all properties other than Commercial/Industrial. On commercial/Industrial properties it is based on the annual rental return the owner would expect to receive if leased.