Valuations
Council obtains a value of all properties every two years. This is called a General Revaluation and takes into account all attributes of each property, the most recent was at 1 January 2010. The next General Revaluation will be as at 1 January 2012.
The value obtained is called the Capital Improved Value (CIV), and generally reflects market value at the time the value is assigned. The CIV includes the value of the land and any improvements, such as houses, shedding, swimming pools, pergolas, etc. Council raises its rates based upon the CIV.
Council also obtains two other values for each property. They are the Site Value (SV) and Net Annual Value (NAV). The SV is the value of the land only. The NAV is the amount in rent that could reasonably received from the property for a twelve month period.
Supplementary Valuations
A supplementary valuation is applied to any property when a change occurs. Reasons for changes are the erection, alteration or demolition of a structure, subdivision or amalgamation of the property, sale of a portion of the property, rezoning, or the affect of road construction.
Objection to Valuations
Any ratepayer, who feels the valuations assigned to their property are incorrect, may object to the valuation. The Objection Form (Rural, Residential or Commercial/Industrial) must be filled in and returned to Council within two months of the sending of the annual notice. The return date for 2011/2012 is 12 October 2011.
Appeal against Valuation
Any ratepayer still aggrieved with the assigned valuations, following completion of the valuation objection, may appeal to the Victorian Civil and Administrative Tribunal. Ratepayers have a further 30 days to lodge their appeal.
|
