Property valuation

We are required by State Government to undertake a general property revaluation every two years. All properties within the municipality have been revalued as at 1 January 2016.

We are currently in the first year of the 2016 Level Valuation cycle and preparing for the 2018 Level Valuation cycle.

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 and land tax purposes only and should not be used for any other reason.

 

How does the revaluation process work?

Depending on real estate trends, properties in some parts of Greater Geelong go up in value at a greater rate than others.

The revaluation in 2016 has shown residential properties in Greater Geelong have increased in value by an average 5.4%, compared to the 2014 revaluation.

Who decides on the value of properties?

Valuations are carried out by professional valuers. Properties are assessed according to the Valuer-General Victoria Best Practice guidelines.

Valuation Best Practice provides a uniform approach to collecting property information, which we use to undertake valuations.

Visit the Department of Transport, Planning and Local Infrastructure for more information.

The effective date for all valuations across Victoria is 1 January 2016. This valuation will be used from 1 July 2016 until 30 June 2018.

 

Valuers

Westlink Consulting are the Valuers that conducted the 2016 level valuations and Westlink Consulting also conducted the previous 2012 and 2014 level valuations.

They are currently in the process of assessing the 2018 level valuations for the 2018-2020 rating period.

 

Valuation terminology

We list three different valuations on your rate notice:

  1. Site Value (SV) - land only value

  2. Capital Improved Value (CIV) - land value plus all property improvements such as house, fencing, landscaping, garages etc

  3. Net Annual Value (NAV) - percentage of value of CIV

We use the CIV in a formula to calculate your rates.


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 2016 and have been used for the 2016-2017 (and will also be used for the 2017-2018) rating calculation.

The next revaluation at the 2018 Level is due to take effect from 1 July 2018.

Please be aware 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 valuation being utilised on your 2016/2017 rates notice.  The Valuation is based on a 01 January 2016 level of valuation.


Valuation dates

The valuation for all properties is utilised from 1 July 2016 although the valuation is set as at 1 January 2014. this is in line with State Legislation.

This means that your property has been valued as near to market value on 1 January 2016  as can be determined and we started using this valuation to calculate your rates from 1 July 2016.

The next revalaution occurs on 1 July 2018 and is currently being actioned.


Supplementary valuations

A supplementary valuation may be conducted when a property’s characteristics change. 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, being our information held needing correction to that actually being physically on the property.

Supplementary valuations bring the value of the affected property back into line with the general valuation of other properties within the municipality.

Values are assessed at the same date of the general valuation currently in use, that is: 01 January 2016.

We perform regular supplementary valuations when required, normally on a monthly basis with accounts being issued where applicable.


Valuation objections

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 formally object in writing.






Page last updated: Monday, 22 August 2016
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