The value of your property is assessed on the same date (January 1) every year by the Valuer-General of Victoria.
The City is not involved in deciding how much a property is worth. All properties are valued independently by the Valuer-General of Victoria (VGV).
The valuers representing VGV determine valuations by collecting and analysing property sales, planning and building permits, planning information, external and internal inspection data, and occupancy data. 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's important that we have up-to-date property data.
Valuations - what do they mean?
The three valuations shown are:
- Site Value (SV) is the market value of the land only
- Capital Improved Value (CIV) is the total market value of the land plus buildings and other improvements
- Net Annual Value (NAV) is either 5 percent of the CIV or the current value of a property's net annual rental. For example, residential properties are 5 percent and commercial/industrial properties are gross annual rental less outgoings including insurances, land tax and maintenance costs
Objecting to a valuation
If you disagree with a valuation, you may object within two months of the date of issue on the rates or supplementary rates notice.
If you need help to understand your valuation and to decide if objecting is suitable, please contact our Customer Service Centre on 1300 002 642
After receiving an objection, the contract valuer representing the VGV 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 VGV. 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.
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.
The Commonwealth and Victorian grants commissions consider municipal valuations when making direct grants to the State and municipalities.