Property Valuations
Property valuation is used to calculate how much you pay in Council rates. Government legislation now requires councils to assess the value of all rateable properties every two years. These values are then used in the setting of the rates. The valuations shown on your current rate notice are based on the value of your property as at 1 January 2010.
Council rates are based upon the Capital Improved Value of your property. This information is shown on the front of your rates notice and defined as follows:
Valuation Base
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Site Value (SV)*
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The price which the land would realise if genuinely sold on reasonable terms and conditions, assuming that any improvements had not been made.
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Capital Improved Value (CIV)*
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Equates to the total price which a property would bring as it stands, if genuinely sold on the open market on reasonable terms and conditions as at the date of valuation, excluding chattels (carpets, blinds, curtains etc).
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Net Annual Value (NAV)*
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The current value of a property's net annual rent ie. gross annual rental less all outgoings - such as Land Tax, building insurance and maintenance.
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*These definitions are simplified - refer to the Valuation of Land Act 1960 for complete definitions.
What valuation does the Council use?
The Council uses the Capital Improved Value to determine your rates. Capital Improved Value (CIV) is the market value of the land and improvements, ignoring the added value chattels, fixtures and fittings.
Why value at 1 January 2010 when values have changed since then?
The Valuer General sets the valuation date used by the Council. All municipalities in Victoria use the one date.
If I feel my property is incorrectly valued, what do I do?
Contact the Council’s Revenue Office on 5624 2411 to discuss the matter. If their response does not completely satisfy you, they will provide you with information on how to lodge an objection to the valuation. Any formal objections must be lodged within two months of the date of issue of the rate notice. Late objections will not be accepted.
What is supplementary valuation?
The Shire’s valuer is required to review the valuation following any significant change that may alter the value of the property. Subdivision or consolidation of property, construction of new building or the demolition of buildings are examples of changes that will cause a supplementary valuation to be conducted. A supplementary rate notice may be raised at any time throughout the year.
