Property valuations are used to calculate how much you pay in rates. Government legislation requires the Council to assess the value of all properties every year. These values are then used in the striking of rates to fairly distribute rates and charges. The valuations shown on your rate notice have been reviewed and are based on the value of your property as at 1 January 2021.
Council uses the Capital Improved Value method to determine your rates. Capital Improved Value (CIV) is basically the market value of the land and improvements, ignoring the added value of chattels, fixtures and fittings. Property values are determined by analysis of market sales and rental evidence. The valuer builds a profile of value levels for each different area/property type by analysis of recent sales and leasings. This information is then applied to individual properties, taking into account the different characteristics of each property.
Date of valuation
All properties were revalued for use by Council in the 2021 - 2022 rating year. These values remain in force until 30 June 2022. When something has changed the value of the property, valuations must be performed between general valuations. These are known as supplementary valuations and may be performed at any time of the year.
If you feel that your property is incorrectly valued contact the Council’s Valuers to discuss the matter. If their response does not completely satisfy you, they will provide you with the information on how to formally object against the valuation.
Alternatively, formal valuation objections can be lodged online with the Victorian Government.
After considering the sales evidence and reviewing your property valuations, the valuers decision will result in one of three options, these being:
- To recommend a reduction in the valuation because the original valuation is considered to be too high.
- To decide that the original valuation is correct, therefore confirming no change.
- To decide that, in fact, the original valuation is too low, and therefore subject to increase rather than reduction.
All formal objections must be lodged within two months of the date of issue of the rate notice. Late objections will not be accepted. For Valuation Objections, please phone: 5950 1090.
If you object to a valuation you still must pay the rates by the due date. Failure to pay rates will incur interest. The State Revenue Office also uses Council’s Site Valuation indicated on your Rate & Valuation Notice for the purpose of assessing land tax. The current site value of your property will be used for Land Tax in 2022.