How does the property valuation process work?
Current Victorian Government legislation requires Council to undertake a general property revaluation every two years (revaluations will be annual from 2019). The previous revaluation took effect on 1 July, 2016.
Additionally, a supplementary valuation may be conducted when a change to the property occurs that affects the valuation (for example, building a house of subdividing a block).
Does Council make more money when property values go up?
No, we do not collect extra revenue as a result of the revaluation process. The total combined rates revenue remains the same.
Who decides on the value of properties?
Valuations are carried out by professional valuers who undertake this work under contract. Properties are assessed according the Valuer-General Victoria Best Practice guidelines.
For more information visit www.propertyandlandtitles.vic.gov.au.
What is Capital Improved Value?
The three valuations shown on your rates notice are Site Value (SV), Capital Improved Value (CIV) and the net Annual Value (NAV).
- SV – Site Value is the market value of the land only
- CIV – Capital Improved Value is the total value of property as determined by Council’s valuers
- NAV – Net Annual Value is either five per cent of the CIV or the current value of a property’s net annual rental
Residents have the right to object to the valuation of your property.
We suggest you contact Council to discuss and try to resolve your valuation questions before seeking an objection form.
Objection to a valuation
Residents may object to a valuation. The objection can be made in relation to the value of a property or on the grounds specified in the Valuation of Land Act.
An objection generally must be made within two months of the date of the rate notice.
To make an objection you need to complete the 2018-2019 Valuation Objection Notice.
Before completing the objection form, try to discuss and resolve your valuation questions with the valuer.
After receiving an objection, a valuer must discuss the matter with the objector. if not satisfied with the decision, the objector may appeal to the Victorian Civil and Administrative Tribunal (VCAT) or to the Supreme Court.
If you object to a valuation you still must pay rates by the due date. Failure to pay rates by the required date generally results in interest being imposed.