Property values are determined by independent professional valuers who are appointed by a council or by the Valuer-General Victoria (VGV).
These valuers assess the market value of each property in-line with guidelines laid down by the VGV.
Property values vary across a municipality and over time. These are reflected in each property’s rate bill. Your property’s valuation will directly affect your rates.
Councils do not collect extra revenue as a result of changes in property valuations. Valuations are simply used to help calculate the rates payable for each individual property. Information about your property’s value is included on the rate notice issued by the council.
Valuers must assess the value of a property in three ways:
- Capital Improved Value (CIV) – the total market value of the land plus buildings and other improvements.
- Net Annual Value – the current value of a property’s net annual rent (by law, Net Annual Value must be at least 5 per cent of the CIV for commercial property and exactly 5 per cent of CIV for residential property).
- Site Value – the market value of the land only.
We use the CIV to levy rates.
You can object to a valuation if you believe it’s inaccurate or unreasonable. Details of how to object are included on the rates notice.