Ararat Rural City Council has received the 2024 General Valuation Report, the result of an annually conducted process to determine the value of the residential, commercial, industrial, rural and non-rateable leviable properties in Ararat Rural City.
This process if carried out in line with State Government requirements, and in accordance with the Valuer-General Victoria 'Best Practice' guidelines. The Valuer-General Victoria is the valuation authority responsible for revaluing all properties in the municipality each year.
Council is required to provide three levels of valuation for each property:
- 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): The 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, this is 5% of the Capital Improved Value. For commercial or industrial properties, 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.
A new valuer was appointed by the Valuer-General Victoria this year, Mr Peter Wigg of Wigg and Partners in Ararat. In comparison to 2023 valuations, this year’s report revealed 1.76% valuation increase for residential properties and a 3.95% increase for commercial properties, while industrial properties received a 15.38% valuation decrease and rural properties a 1.74% decrease. These variations in property value reflect a substantial settling down in the market when compared to figures reported in the 2023 and 2022 valuations.
The report also detailed non-rateable leviable property valuations as having increased by 376.60%. Wind farm properties have seen a change in classification, shifting from industrial to non-ratable leviable, and have significantly increased in Capital Improved Value in this year’s revaluation. Whilst these properties are non-rateable for municipal rates, they are charged the Fire Services Levy. Land in this category includes properties such as Council owned properties and churches.
“After reaching peak challenges in 2023, we've seen notable easing in this year’s valuation report,” says Ararat Rural City Council CEO, Dr Tim Harrison.
“We’re seeing residential valuations stabilise with a modest increase, while commercial properties have shown more robust growth. We’re now witnessing a welcome trend towards stability, ensuring consistency in valuations moving forward.”
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], or visit https://www.ararat.vic.gov.au/services/rates-and-valuations/valuations for further information regarding valuation objections.