Municipal property valuations are now conducted every year. The Valuer-General Victoria will now be responsible for all valuations.
Individual property values continue to determine your rates, meaning a large rise or fall in value relative to other properties in your municipality will affect a movement in your rate bill. The value given during the revaluation is called the Capital Improved Value (CIV). Council raises its rates based on the CIV. The CIV:
- Generally reflects market value at the time of revaluation.
- Includes the value of the land
- Includes any improvements like houses, sheds, swimming pools and pergolas.
Council also obtains two other values for each property:
- The Site Value – is the value of the land only
- The Net Annual Value – is the amount in rent that could reasonably be received from the property over 12 months
A supplementary valuation is applied to any property when a change occurs.
Reasons for changes include:
- Construction, alteration or demolition of a structure
- A subdivision or consolidation of the property,
- Sale of a portion of the property,
- Effect of road construction.
Objection to valuations
If you feel the valuations assigned to their property are wrong you can object to the valuation.
An objection must be submitted within two months of the annual rate notice being sent.
After the objection process, if you feel the valuation is still wrong, you can appeal to the Victorian Civil and Administrative Tribunal. You have a further 30 days to lodge your appeal.