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Valuations
We re-value your property every two years in line with State Government requirements and in accordance with the Valuer General's 'Best Practice' guidelines.
Properties can change value over time - this means that values applying to your property, whether residential or commercial, could be higher or lower.
We use the valuation of your property to determine how much your rates will be each year.
These Valuations are for rating purposes only and should not be used for any other reason.
Valuation Best Practice
Valuation Best Practice is the name of an initiative created by the State Government and Councils across Victoria aimed at improving rating valuation processes.
Valuation Best Practice provides a uniform approach to collecting property information, which we use to undertake valuations.
Valuation Terminology
We list three different valuations on your rate notice:
- Site Value (SV) - land only value
- Capital Improved Value (CIV) - land value plus all property improvements such as house, fencing, garage etc
- Net Annual Value (NAV) - percentage of value of CIV
We use the CIV in a formula to calculate your rates.
Valuers
Westlink Consulting Valuers are conducting the 2012 level valuations and they conducted the recent 2010 level valuation.
Valuations and Your Rates
It is very important to note that an increase in your property's value does not automatically result in an increase in rates.
Property valuations are only one of a number of factors used to determine rate levels. Other key factors include rises in CPI, what we spend on infrastructure and the cost of delivering services to residents.
Individual ratepayers are likely to experience a change in their rates with both increases and decreases expected, depending on the type and location of properties.
Where property values have increased across our municipality, your rate bill will not necessarily change.
Properties with lower than average increases could expect to see a decrease in rates and those with higher than average increases are likely to see their rates bill rise.
Revaluations
Like all other municipalities across Victoria, we will conduct rate valuations every two years in line with State Government legislation and in accordance with the Valuer General's 'Best Practice' guidelines. The current values are as at 1 January 2010 and have been used for the 2010-2011 (and will also be used for the 2011-2012) rating calculation.
The next revaluation is due to take effect from 1 July 2012.
Remember that we cannot provide details of how your individual property value may be affected by the statewide revaluation until rate notices are issued in August/September. Around this time, we will endeavour to provide you with information regarding the revaluation process through media advice.
This advice will be closer to the time of the new valuation being utilised. Currently the Valuation is based on 01 Jan 2010 level of valuation.
Valuation Dates
The new valuation for all properties began on 1 July 2010 although the valuation is set as at 1 January 2010.
This means that your property has been valued at market value on 1 January 2010 and we started using this valuation to calculate your rates from 1 July 2010.
The next revalaution occurs on 1 January 2012 and is currently being processed.
Supplementary Valuations
In certain circumstances, valuations must be performed between general valuations. These are known as supplementary valuations.
They are required when properties are:
- Physically changed - for example, when buildings are altered, erected or demolished
- Amalgamated, subdivided, portions sold off, rezoned or are affected by road construction
- Council data correction as our information held has caught up with what is actually physically on the property.
Supplementary valuations bring the value of the affected property into line with the general valuation of other properties within our municipality.
Values are assessed at the same date of the general valuation currently in use, ie. 01 January 2010.
We perform regular supplementary valuations when required, normally on a monthly basis with accounts being issued where applicable.
If you receive your Rate Notice in August/September and do not agree with your property valuation, you can contact us to discuss your concerns with our Valuations staff.
If after discussions you are still not in agreement with the valuation of your property, you can object.
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Common Questions
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State Revenue Office - What is it?
The State Revenue Office (SRO) is responsible for charging and collection of taxes for the Victorian State Government.
The State Revenue Office uses the Site Value only (as shown on your Council Rates Notice) to assess land tax under the State Government's legislation. Objections to the Site Value must be made to the SRO within the time limits (generally two months from date of notice issue) prescribed under the Valuation of Land Act 1960.
Our 2010 Level general site valuation, or supplementary valuation, which appears on the current rates notices for 2011-2012, will be used for land tax purposes in 2012. Further information on the use of valuations for charging land tax can be found on the State Revenue Office website.
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