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.
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:
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:
- buildings constructed, changed or demolished
- 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.