Who values your property
Property valuations are carried out by the Valuer-General Victoria who works for the state government.
They 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.
Properties valuations also take into consideration the sale prices and rental returns of similar properties.
The Valuation of Land Act 1960 provides for a wide range of reasons for supplementary valuations.
When determining the supplementary value, the valuer determines what the property value was on 1 January of each calendar year.
The supplementary value 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.