What are the different types of valuations?
Council is required to provide three levels of valuation for each property.
The three types of property valuations are:
- Site Value (SV): the market value of the land only. This is used by the State Revenue Office to assess any land tax under the Land Tax Act 2005.
- Capital Improved Value (CIV): is the total market value of the land as well as the buildings and any other improvements such as fences, sheds, swimming pools etc.
- Net Annual Value (NAV): for residential properties is 5% of the Capital Improved Value. For commercial or industrial property’s, it is either the property’s net annual rent or 5% of the Capital Improved Value, whichever the greater.
Rates are calculated using the Capital Improved Value of the property.
How often are properties valued?
The Valuation of Land Act 1960 requires all properties within Victoria to be revalued on an annual basis. Your property’s Level of Value date for the 2023/24 Rates and Valuation Notices are based on 1 January 2023 level of value.
Objecting to a valuation
If you disagree with the valuations on your rates notice, you may object. Objections must happen within two months of the date of issue on the notice and should be submitted online.
Objectors must still pay rates by the due date. If you don’t pay your rates by the due date, you may be charged interest on amounts owing.
After receiving an objection, the valuer will discuss the valuations with you. You will be advised of your objection outcome in writing. If an amendment to the valuation is recommended, this must be approved by the Valuer General. If you are not satisfied with the decision, you may appeal to the Victorian Civil and Administrative Tribunal (VCAT).
Please contact us on (03) 5355 0208 or [email protected] for further information regarding valuation objections.