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Property valuations

Due to legislatives changes, we revalue your property every year as the value determines your property rates.

Property prices as of 1 January 2018 determined the current values, calculating rates for the 2018/2019 financial year.

There are three different valuations on your rate notice:

  • Site value - the land's market value
  • 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 rental (gross rental minus all outgoings including land tax, building insurance and maintenance but excluding council rates.)The net annual value must be at least 5% of the capital improved value.

Valuation Changes

The average overall increase in CIV for the 2018 General Valuation was 26.29%. These valuations were first used 1 July 2018.

Category  No. of assessments  CIV 2016 $  CIV 2018 $  CIV difference % 
Residential 59,746 28,521,401,000 36,739,050,000 28.81
Vacant Sub Standard 332 2,367,500 2,997,000 26.59
Farm land 1,777 2,049,510,000 2,279,595,000 11.23
Commercial 2,294 1,651,860,000 1,805,499,001 9.30
Industrial 979 714,269,000 785,514,000 9.97
Cultural and recreational 12 35,850,000 32,330,000 (9.82)
Totals 65,140 32,975,257,500 41,644,985,001 26.29

Valuations were created using mass appraisal techniques, reflecting the market as of 1 January 2018 and do not roll to reflect changing conditions.

Any change to the amount of rates you pay is based on a property's increased value, relative to the increase of other properties value.

Supplementary valuations

If there is a change to your property which results in a change to its value then a supplementary valuation will be done. These changes include:

  • Construction of new buildings
  • Additions to buildings
  • Improvements such as farm sheds, swimming pools etc
  • Subdivision or consolidation of land
  • Realignment of property boundaries
  • Change in land use

Supplementary valuations are prepared each month to ensure our data is up to date and you are paying accurate and fair rates. You will receive a supplementary rate and valuation notice if your property has undergone any of these changes.

What if I don't agree with my valuation? 

You can lodge a formal objection within two months of receiving your rate and valuation notice on the following grounds:

  • The value is too high or low
  • The interest in the land held by various people has not been correctly apportioned
  • The apportionment of the valuation is not correct
  • Land that should have been included in one valuation has been valued separately
  • Land that should have been valued separately has been included in one valuation
  • The person named in the notice of valuation, assessment notice or document is incorrect
  • The area, dimensions or description of the land, including the Australian Valuation Property Classification Code (AVPCC) allocated to the land, are not correctly stated.

Our valuer will organise an inspection of your property if one is necessary. You will receive a letter advising you of the outcome of the enquiry, but you will need to continue paying your rates until a decision is reached.

Complete the relevant online form, to lodge an objection:

 

What happens to my objection?

If you choose to lodge a formal objection a valuer will discuss your objection with you and make a decision whether to allow it or not within a four month period.

You can appeal to VCAT or the Supreme Court if you are unhappy with the decision.

Visit the  VCAT website for more information about lodging an appeal.

  

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