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How we value your property

A valuation of your property is an assessment of the market value on a particular date. We use this assessment to set your rate and valuation notice.

All properties have valuations as at 1 January every year.

Who values your property

Property valuations are carried out by the Valuer-General Victoria who works for the State Government.

They work on criteria that aims to provide a consistent quality of valuations throughout the State.

Property valuations are part of the Valuation of Land Act 1960 and the Local Government Act 1989.

Councils do not get more or less money due to property prices increasing or decreasing. The revaluation simply re-apportions the amount that each ratepayer contributes.

How your property is valued

The Valuer-General works out 3 valuations per property.

These are shown on your notice:

Site Value (SV)

The market value of the land only.

Capital Improved Value (CIV)

The total market value of the land, building and any other improvements in respect to each rateable property. The Capital Improved Value is multiplied by the rate in the dollar to calculate the rate to be paid.

Find out more about the Capital Improved Value.

Net Annual Value (NAV)

The current value of a property’s net annual rental, minus all outgoings such as:

  • land tax
  • building insurance
  • maintenance costs.

These do not include Council rates.

For residential properties, this is a mandatory 5% of CIV. For all other properties this is a minimum of 5%.

Supplementary valuations

If a property changes, a supplementary valuation may be needed. Properties can change for a variety of reasons.

Valuations must be updated to reflect things like:

  • subdivisions
  • buildings constructed, changed or demolished
  • rezoning
  • occupancies. A property may be adapted for multiple occupancies which are then separately rateable.
  • new leases.

The Valuation of Land Act 1960 provides for a wide range of reasons for supplementary valuations.

When determining the supplementary value, the Valuer must look at the property today and determine what its value would have been at the relevant date (1 January 2021).

The supplementary value will reflect the property’s value as at 1 January 2021, which may not necessarily reflect the market value today.

Objections to a valuation

You may object to the valuations shown on your annual rate and valuation notice.

Your objection must be lodged within two months from the date of the rate and valuation notice.

Property valuations are based on the sale prices and rental returns of similar properties. To object, you must show your valuation is incorrect against similar property sales and rental figures.

Before objecting to the valuation

Before submitting an objection, we encourage you to discuss your concerns with a Valuer.

This often answers any concerns you may have without the need to go to objection.

You can email Rates.Valuers@knox.vic.gov.au and a Valuer will contact you to discuss your concerns. Or call our Customer Service team on 9298 8000.

Grounds for valuation objections

To object to your property's valuation, you must show either:

  • the value assigned is too high or too low
  • the interests held by various persons in the land have not been correctly apportioned
  • the apportionment of the valuation is not correct
  • lands that should have been included in one valuation have been valued separately
  • lands that should have been valued separately have been included in one valuation
  • the person named in the notice of valuation, assessment notice or other document is not liable to be so named
  • the area, dimensions or description of the land are not correctly stated in the notice or other documents.
Make an objection

Objections can be made online and must:

  • tell us why you are objecting
  • include any evidence that supports your objection.

Object to your property valuation

Or complete and email an objection form to Rates.Valuers@knox.vic.gov.au.

The objection process

We will send you an acknowledgement of receipt of your objection.

You will be contacted by the Valuer to organise a time to discuss your concerns and inspect your property.

The Valuer will review the valuation. They look at factors including surrounding property sales, data and condition.

The Valuer may alter the original valuation.

You will be advised in writing of any adjustment. This will happen within two months of submitting your objection.

A copy of the change must then be provided to the Valuer. They will either confirm or disallow the recommended adjustment.

The Valuer-General has two months to advise all parties of the decision.

Not satisfied with the decision

You may take the matter further if:

  • you are not satisfied with the Valuer-General's decision
  • the two month period for the Valuer-General has expired.

The Valuer-General may refer the matter to the Victorian Civil Appeals Tribunal. Your objection can also be treated as an appeal to be heard by the Supreme Court.

More about valuation

Further information on the valuation process is available through the Victorian State Government.

Need help?

Email Rates.Valuers@knox.vic.gov.au and we will get back to you.

Or call our Customer Service team on 9298 8000.

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