From 1 July 2023 the Valuer-General Victoria will be responsible to undertake all annual revaluations across Victoria.
Property valuations are used to calculate how much you pay in rates. Government legislation requires all properties in the Mornington Peninsula Shire and across Victoria to be valued for rating purposes every year on a common date being 1 January. This is known as a revaluation.
Revaluations do not mean we receive more money in rates. The revaluation only affects the way the total rates revenue raised is shared among property owners. A revaluation redistributes the amount of rates that are paid based on an updated valuation.
The Shire uses the Capital Improved Value method to determine your rates. Capital Improved Value is basically the market value of the land and improvements. 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.
All properties were revalued for use by the Shire in the 2022 - 2023 rating year. These values remain in force until 30 June 2023. 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. Examples of these situations include:
- subdivision of properties
- parcel of land sold off
- buildings erected, demolished or physically altered
- properties amalgamated
Information to help you understand the process of objecting to a valuation is available on the Valuer-General Victoria's website.
- Site Value – is the value of the unimproved land.
- Capital Improved Value – is the total unencumbered value of the property including land.
- Net Annual Value – represents the reasonable annual rental of a property. Legislation requires that the NAV be a minimum 5% of the Capital Improved Value.
If you wish to lodge an objection to your valuation, please use the rating objection portal Object to rating valuation.
Before proceeding with the online objection, please ensure you have your rates notice and any supporting documentation available for input into the portal.
All objections will be forwarded to the Valuer-General Victoria and their appointed contractors will be in contact about the objection.
All formal objections must be lodged within two months of the date of issue of the Annual Rate Notice or Supplementary Notice. This date is determined by legislation, and we cannot accept late objections.
The Objection Form(s) can also be emailed to the Shire at firstname.lastname@example.org or posted to: Mornington Peninsula Shire, Private Bag 1000, Rosebud VIC 3939.
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 the Shire’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 2023.