How Often Is My Property Valued?
We undertake property valuations every two years, as required by the Valuation of Land Act 1960. This ensures the value we place on each property is up-to-date and reflects its market value.
This process is important, as a property's value determines the amount of rates we charge on that property.
We appointed LG Valuation Services to undertake the revaluation, which produced valuations as at 1 January 2016, which came into effect from 1 July 2016.
We will use these valuations for rating purposes for the 2016/17 and 2017/18 financial years.
How Are Property Valuations Determined?
We determine property valuations through analysis of property sales and rental evidence. We compile information on each property through inspection; building and planning applications/permits; and other public sources. Your property valuations appear on your Rate and Valuation Notice issued around August each year.
Valuations are carried out by an independent certified valuer appointed under contract on behalf of the Council to determine the value of a property.
Properties are assessed according to Best Practice Guidelines laid down by the Valuer-General Victoria.
Valuations are provided in two formats:
- Capital Improved Value (CIV)
- Site Value (SV).
Councils are notified of any property sales in the municipality; this information is then analysed and collated so that appropriate levels of valuations can be established for individual areas within the shire.
Levels of Property Valuations
We provide three levels of valuation for each property. However, the most important valuation is Capital Improved Value: the figure that determines the rates charged on that property.
Capital Improved Value: the value of the land and any improvements to the property, such as a dwelling, garage, pool, shed etc.
Site Value: the value of the land only.
Net Annual Value: 5% of the CIV on all properties other than Commercial or Industrial (on commercial and industrial properties, NAV is based on the annual rental return the owner would receive if leased).
Objections to a Valuation
Objections will be accepted for a period of 60 days from the date of the Rates and Valuation Notice under section 17 of the Valuation of Land Act 1960. Objections are forwarded to Council's contract property valuers at the end of the objection period. The valuer has 60 days to assess the objection and advise if any adjustment is required.
Ratepayers lodging an objection must continue to pay their rate instalments as interest will be charged on overdue amounts. If the objection to the valuation is upheld, then a reduction will be applied to the 3rd or 4th rates instalment notice.
Last updated: 14 February 2017