Commencing July 1, 2018, the Victorian Government has centralised land valuation with the Valuer-General (VG) and introduced annual valuations for Land Tax, Fire Services Property Levy and Council Rate setting purposes from the 2019 revaluation year.
A valuation is an assessment of the market value of the property as at a specific date. This value is important as it establishes the value of a property relative to all other properties; this relativity determines how the rates burden is shared.
Property values are determined by analysis of market sales and rental evidence which is then applied to the data on each property. Data is compiled on each property over time, through inspection, building and planning permits and other public sources. The information is then applied to individual properties, taking into account the different characteristics of each property. To ensure that the valuations are fair and equitable it is important that we have up to date property data.
Supplementary valuations are sometimes performed between general valuations, when properties are altered, demolished or erected, or when they are amalgamated, subdivided, portions are sold off, rezoned or affected in some way that alters their value.
Supplementary valuations are made assuming the same valuation date as the current valuation to ensure equity between properties. It may be made at any time during the year.
Objecting to a valuation
If you disagree with a valuation, you may object within two months of the Notice Served date on the rates or supplementary rates notice.
Before you lodge an objection, it may be beneficial to talk with a staff member from our Rates and Valuation Section. Please complete our online form and a staff member will contact you.
To proceed with an objection you must complete an objection form, which is available from our Customer Service Centres.
After receiving an objection the contract valuer representing the Valuer-General Victoria will discuss the valuation with the objector and advise them of the outcome in writing. If an amendment is recommended this must first be approved by the Valuer General Victoria. If the objector is not satisfied with the decision, they may appeal to the Victorian Civil and Administrative Tribunal (VCAT), or the Supreme Court.
Objectors must still pay rates by the due date and failure to do so will result in interest being imposed.
State Revenue Office
The State Revenue Office uses site valuations to assess land tax. A person may object to the Site Value as shown on the Land Tax notice to the State Revenue Office provided they have not objected to the Site Value on any other rate notice issued in the last 12 months.
Further information on the use of valuations for land tax is on the State Revenue Office website.
The Commonwealth and Victoria Grants Commissions consider municipal valuations when making direct grants to the State and municipalities.
For more information about your rates please contact us on 03 5434 6000 or [email protected]