Each year property revaluations are conducted cross the City by the Valuer-General Victoria.
All properties within the City have been revalued as at 1 January 2024.
Revaluations are conducted by the Valuer-General Victoria and not by the City. 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 (Capital Improved Value) 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.
Revaluation changes
Depending on real estate market trends, properties in some parts of the City increase in value at a greater rate than others.
The 2024 revaluation has shown that residential properties in the City have decreased in value by an average 2.2 percent, compared to the previous 2023 revaluation.
Valuing your property
Valuations are carried out by Professional Valuers on behalf of the Valuer-General Victoria. Properties are assessed according to the Valuer-General Victoria's Victoria Best Practice Guidelines.
Valuation Best Practice provides a uniform approach to collecting property information, which we use to undertake valuations.
Visit the property and land tiles area of the Department of Environment, Land, Water and Planning for more information.
The effective date for all valuations across Victoria is 1 January 2024. This valuation will be used by the City from 1 July 2024 until 30 June 2025.
Valuers
Professional valuers, from the Opteon Property Group, have completed the current 2024, and the 2023-2020 level valuations.
The valuations were conducted by the Valuers, contracted by the Valuer-General Victoria, the 2024 level values are in use for the 2024-2025 rating period.
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, landscaping, garages etc
- Net Annual Value (NAV) - a percentage of value of the 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 rating levels. The City is required to comply to the State Governments Rate Cap of 2.75%, and 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. Where property values have increased across the City, your rate bill will not necessarily change.
Properties with a lower than average increase could expect to see a decrease in rates and those with a higher than average increase are likely to see their rates bill rise.
Revaluations
Like all other municipalities across Victoria, the Valuer-General Victoria conducts rating valuations every year in line with State Government legislation, and in accordance with the Valuer-General Victoria's 'Best Practice' guidelines. The current values are as at 1 January 2024 and have been used for the 2024-2025 rating calculations.
Valuation dates
The valuation for all properties is utilised from 1 July 2023 with the valuation being set as at 1 January 2023 being in line with State legislation (Valuation of Land Act 1960).
This means that your property has been valued as near to market value, had it sold on 1 January 2023, as can be determined. We have used this valuation to calculate your rates from 1 July 2023.
The next revaluation occurs on 1 July 2024 and is currently being undertaken.
Supplementary valuations
A supplementary valuation may be conducted, at any time during the rating period, when a property’s characteristics change. This is in accordance with the Valuation of Land Act 1960. 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;
- Property data correction, being the property information held needing correction to reflect the physical improvements located on the property.
Supplementary valuations bring the value of the affected property into line with the general valuation of the other properties within the municipality.
Values are assessed at the same date of the general valuation currently in use, that is 01 January 2024.
Valuation objections
Once you receive your rate notice in August/September and if you do not agree with your property valuation, you can lodge an objection via the Rating Valuations Objection portal via the following link object online.
An objection form is also available so that you can formally object in writing. Legislation only allows formal lodgment of an objection within 2 months from the date of issue on your rates notice or within 4 months if a notice has not been supplied to the occupier of the land.