Property valuations are used to calculate how much you pay in Council rates. Government legislation now requires councils to assess the value of all rateable properties annually. 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 2020.
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:
| Site Value (SV)*
|| The value of the land only.
| Capital Improved Value (CIV)*
|| The total value of the land plus building/s and other improvements.
| Net Annual Value (NAV)*
|| The current value of a property's net annual rent i.e. gross annual rental less all outgoings - such as Land Tax, building insurance and maintenance costs etc., (but excluding Council rates). By Law, NAV must be at least 5 per cent of the CIV.
The use of an * (asterisk) in the table indicates that the definitions are simplified and you need to refer to the Valuation of Land Act 1960 for complete definitions
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.
The Valuer General sets the valuation date used by Council. All municipalities in Victoria use the one date.
If you feel your property is incorrectly valued contact Council's Revenue Office to discuss the matter. If the 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 2 months of the date of issue of the Rate and Valuation Notice. Late objections will not be accepted in accordance with government legislation.
Council's Contract Valuer is required to review the valuation following any significant change that may alter the value of the property. Subdivision or consolidation of a property, construction of a 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.