Properties are revalued every two years in accordance with state government legislation. As 2016 is a revaluation year, rates for the 2016/17 financial year have been based on new valuations as at January 2016.
Council uses Capital Improved Value (CIV) as its valuation basis for rating. CIV represents the market value of the property, inclusive of land and buildings. Site value is the value of land only. Net annual value is a minimum of 5% of the CIV.
For commercial assessments, the net annual value is the adjusted annual rent. The valuations for each property are shown on the rate notice.
Revaluations are not conducted to collect more rates, but to redistribute the share of rates across the municipality to individual properties according to property values.
The state government’s Valuer-General’s Department audits this revaluation.
The average CIV in the municipality has increased by 31.3 per cent since the previous revaluation in 2014. The valuations of residential properties have on average increased by 32.6 per cent, commercial properties 20.5 per cent, and industrial properties 16.9 per cent. Percentage changes will vary for individual properties based on the individual characteristics of each property. Residential houses have generally increased in value substantially more than units and apartments.
If your property value increased more in value relative to the average property value movement, your rates will increase by more than 2.5 per cent, while if your property value increased by less than the average property value movement, your rates will increase by less than 2.5 per cent. The average residential rate increase is 3.6 per cent.
If an amendment is made to the valuation to include any changes to the property, additional rates could be payable, for which a supplementary valuation and rate notice will be issued.
The Valuation of Land Act 1960 provides that any person who wishes to object against a valuation must lodge the objection with the Council within two months after the notice is given. Any such objection must use the prescribed objection form. Copies are available from Council's Property and Rates Department during normal business hours.
Ratepayers are encouraged to always discuss valuation issues with Council's Valuers prior to lodging an objection by calling
9262 6333.Regardless of any objection to the valuation, rates must be paid as assessed by the due date, otherwise interest may be charged.
379-397 Whitehorse Road, Nunawading, Victoria 3131
Tel: (03) 9262 6333 Fax: (03) 9262 6490Email: firstname.lastname@example.org