Every two years Council obtains a value for all properties. This is called a General Revaluation and takes into account all features of a property.
The most recent revaluation was 1 January 2016. This revaluation amount will be used for calculating rates for 1 July 2016 to 30 June 2017. The next revaluation will be at 1 January 2018.
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 gets two other values for each property. They are the Site Value and Net Annual Value.
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 Form must be filled in and returned to Council within two months of the annual rate notice 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.