Each year property revaluations are conducted by the Valuer-General Victoria across the City.
All properties within the City have been revalued as at 1 January 2020. There has been a change from the previous legislation that required revaluations every two years.
Revaluations are now 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.
Depending on real estate market trends, properties in some parts of the City increase in value at a greater rate than others.
The 2020 revaluation has shown that residential properties in the City have increased in value by an average 0.8%, compared to the previous 2019 revaluation.
Valuing you 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 2020. This valuation will be used by the City from 1 July 2020 until 30 June 2021.
Professional valuers, from the Opteon Property Group, have completed both the current 2020 level valuations and the previous 2019 level valuation. The valuations were conducted by the Valuers, contracted by the Valuer-General Victoria, the 2020 level values are in use for the 2020-2021 rating period.
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. Other key factors include rises in the 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 the City, 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.
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 2020 and have been used for the 2020-2021 rating calculations.
The next revaluation is currently being conducted by the Opteon Property Group, on behalf of the Valuer-General Victoria. This new revaluation, for the 2021 level, is due to take effect from 1 July 2021.
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 endeavor 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 2020/21 rates notice. The Valuation is based on a 1 January 2020 level of valuation.
The valuation for all properties is utilised from 1 July 2020 with the valuation being set as at 1 January 2020 being in line with State legislation.
This means that your property has been valued as near to market value, had it sold on 1 January 2020, as can be determined. We have used this valuation to calculate your rates from 1 July 2020.
The next revaluation occurs on 1 July 2021 and is currently being undertaken.
A supplementary valuation may be conducted, at any time during the rating period, 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;
- 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 2020
We perform regular supplementary valuations when required, normally on a monthly basis with accounts being issued, where applicable.
Once 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 staff.
If after discussions you are still not in agreement with the valuation of your property, you can formally object in writing. Legislation only allows formal lodgement of an objection within 2 months from the date of your rates notice.