Property valuations are used to calculate how much you pay in Council rates. As of 2019 the State Government reviews valuations of all rateable properties annually. These values are then used in the setting of the rates.
Valuations are prepared by contract valuers in accordance with the requirements of the Victorian Valuer General’s ‘Valuation Best Practice Guidelines’.
Annual Property Valuation Flyer(PDF, 701KB)
How are Valuations Determined?
The valuers are required to provide the following three valuations:
- Capital Improved Valuation (CIV) – the value of vacant land (site value) and any capital improvements (e.g. buildings, fencing, etc).
- Site Value (SV) - The land’s market value (without any improvements)
- Nett Annual Value (NAV) – Estimate of annual rental income property would generate
All valuations are prepared as at 1st January each year. The valuer analyses sales of similar properties in the previous 12 months to determine the market value of the property as at that date. Valuation of commercial properties is more complex and also considers the income generating capacity of the property.
The valuations are submitted to the Valuer General for review during the preparation phase and are required to be signed off as being ‘generally true and correct’.
If there is a change to your property which results in a change to its value then a supplementary valuation will be undertaken. These changes include:
- Construction of new buildings
- Additions to buildings
- Improvements such as farm sheds, swimming pools etc
- Subdivision or consolidation of land
- Realignment of property boundaries
- Change in land use
Supplementary valuations are prepared each month to ensure our data is up to date and you are paying accurate and fair rates. You will receive a supplementary rate and valuation notice if your property has undergone any of these changes.
For more information on revaluations, visit the Department of Environment Land Water & Planning website.