Three Property Valuations
On your rate notice there will be three valuation figures:
1. Site Valuation (SV) this is your land value
2. Capital Improved Value (CIV) this is the Market Value of your property and includes your Site Valuation, rates are calculated on this valuation
3. Net Annual Value (NAV) for Residential properties this is 5% of the CIV and for non-residential properties it is the greater of the annual rental value or 5% of the CIV.
How Valuation is calculated
Our valuers undertake an external inspection of properties and also use information such as sales, rentals, detailed building plans and permits to assist them in determining an accurate valuation of your property.
2014-2015 Rating Strategy
Our valuers analyse property sales and rental data to build a profile of value levels for different suburbs and types of properties within the municipality.
The analysed level of value is then applied to individual property throughout the municipality. Land size, location, building size/value, plus the added value of a garage, garden, driveway and other improvements are also taken into consideration to determine the Capital Improved Value.
The Valuation figure shown on your assessment if what your property would sell for during the relevant Valuation period
The rate valuations are assessed every two years, as at 1 January in each even calendar year, in accordance with the Valuation of Land Act and under the guidance and audit control of the Valuer-General.
The 2014 revaluation at the 1 January 2014 will be used to levy Council rates for the two years from 1 July 2014 to 30 June 2016.
If changes to a property occur that could alter its value, a supplementary valuation is conducted during the year to update property records. These changes can be alterations, additions, demolitions, subdivision, changes in the use of a property or zoning amendments. Your rates are then adjusted pro-rata for the year, based upon the completion date of the changes.
Object to the Valuation
As a ratepayer you have the right under Section 16 of the Valuation of Land Act 1960 to object to the valuation of their property and should contact us as the first step.
Enquiry Period & Process
Property owners are required to advise Council of their objection to their property valuation within two months of the issue date on rate notice at the start of the financial year. Contact can be either by phone, email or letter to the Valuations Office. The Council Valuation will be reviewed and Valuer will either call to discuss or write to you with the Objection outcome.
Notice of Objection
If after a review of the valuation of your property you still dispute the valuations, your next action is to lodge a formal objection stating reasons and evidence to support your claim. If a satisfactory outcome is not reached the next step is for you to lodge an objection with Victoria Civil and Administrative Tribunal. You must continue to pay your rates by the due while an Enquiry or Objection is being resolved.
Land Tax Objection & Council Rating Valuations
The State Revenue Office
uses Council Assessed Site Value to calculate land tax under the Land Tax Act 1958. An objection to the Site Value must first be made to the State Revenue Office within two months of receiving the Land Tax Assessment
Council is responsible for the allocation of street numbering and is administered by the Valuations office. Council allocation of street numbers is administered as stated under the Australia and New Zealand Standard Rural and Urban Addressing document.
Owners are reminded that they have a legal requirement to clearly display the street number on their property. If property owners are having issues with street numbers please contact valuation department to discuss matter.