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Property valuations

The Victorian system of Rates is a system based on property values. This section gives information on property valuations.

Valuation process

Valuation frequency - revaluation

Objecting to a valuation

Supplementary valuations

Frequently asked questions

Valuation process

Valuations are carried out by an independent certified valuer appointed under contract on behalf of the Council to determine the value of a property.

Properties are assessed according to Best Practice Guidelines laid down by the Valuer-General Victoria.

Valuations are provided in two formats:

  • Capital Improved Value (CIV)
  • Site Value (SV).

Councils are notified of any property sales in the municipality; this information is then analysed and collated so that appropriate levels of valuations can be established for individual areas within the shire.

Valuation frequency - revaluation

The Victorian State Government requires all councils to conduct a revaluation of all properties within their boundaries on 1 January every two years on the even numbered years, e.g. 1 January 2012, 1 January 2014, 1 January 2016.

The revaluation can cause a redistribution of rates which reflects shifts in market value of properties.

Objecting to a valuation

You may object to a capital improved or a site valuation. The objection can be made in relation to the value of the property or on other grounds specified in the Valuation of Land Act 1960. An objection must be made within two months of the date of the initial rate notice.

An objection to Council valuations should include the prescribed information. Before lodging a formal objection form, Council will accept enquiries and try to resolve your concerns.

Upon receipt of an objection, a valuer may discuss the matter with you and either allow or disallow the objection.

If you are not satisfied with the decision you may appeal to the Victorian Civil and Administrative Tribunal (VCAT), or the Supreme Court.  Further information can be obtained from the Department of Transport, Planning and Local Infrastructure website.

If you object to a valuation you must still ensure the rates are paid by the due date. Failure to pay rates by the due date results in an interest charge.

Objection forms

For more information regarding valuations, please phone Council’s rates office on (03) 5494 1200 or 1300 365 200.

Supplementary valuations

Within revaluation cycles, a supplementary valuation is required where a property value has changed substantially due to construction of a new building, an extension of an existing building or demolition of a building.

These supplementary valuations are applied to bring all properties in to line.  They are based on equivalent levels of value as used for the general valuations. Supplementary rate notices are issued based on the change in valuation during a rating period.

Land tax

The State Revenue Office uses site values for the purpose of assessing land tax under the Land Tax Act 1958.

Further information on the use of valuations for land tax can be found on the State Revenue Office website .

Frequently asked questions

What is capital improved value? (CIV)

What is the site value (SV)?

What is the net annual value (NAV)?

Does an increase in valuation mean an increase in rates?

If I lodge an objection to my valuation, do I defer payment of my rates until it is heard?

Why have i received a supplementary valuation?

What is capital improved value?

The capital improved value is the total market value of the land plus buildings and other improvements.

Rates in Loddon Shire are based on the capital improved value of each property.

What is the site value (SV)?

The Site Value (SV) is the market value of the land only.

What is the net annual value (NAV)?

The Net Annual Value (NAV) is the notional dollar net rental value of a property.  This is determined by the gross annual rental including costs of leasing the property, less all outgoings such as Land Tax, building insurance and maintenance costs. By law the NAV must be at least 5% of the CIV for commercial properties and must be exactly equal to 5% of the CIV for residential and non-commercial properties.

Does an increase in valuation mean an increase in rates?

The revaluation process is separate from the budget process where rates are calculated and raised.

The total valuation of all properties is used to strike the rate in the dollar, while the individual valuations apportion rate changes throughout the municipality.

If I lodge an objection to my valuation, do I defer payment of my rates until it is heard?

No. A letter will be sent advising of an interview with the Valuer and that you must pay your rates on the advertised payment date(s) to avoid paying interest. If the objection results in a refund, this will be credited or refunded to you.

Why have I received a supplementary valuation?

Supplementary valuations are carried out under certain circumstances, in between the general valuation. Examples of circumstances which may incur a supplementary valuation, include:

  • Subdivision of properties
  • Parcel of land sold off
  • Rezoning
  • Buildings erected, demolished or physically altered
  • Properties amalgamated.

The purpose is that the valuation reflects the current property condition.
    

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