Properties are revalued every two years in accordance with state government legislation. Rates for the 2018/19 financial year have been based on valuations as at January 2018.
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.
The average CIV in the municipality has increased by 19.0 per cent since the previous revaluation in 2016. The overall valuation increase does not result in any additional income to Council. 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 valuations of residential properties have on average increased by 18.8 per cent, commercial properties 20.7 per cent, and industrial properties 20.0 per cent. Percentage changes will vary for individual properties based on the individual characteristics of each property. Such characteristics include amongst other things the property location, land size, building size and age. Residential houses have generally increased in value more than units and apartments.
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.
If you consider the value disclosed on your Valuation and Rates Notice is not a correct reflection of its market value, as at the date stipulated on the notice (1 January 2018), you may lodge a valuation objection. A valuation objection must be made within two months of the issue date of the Valuation and Rates Notice and it should be lodged on the prescribed form which is available from Council’s Property and Rates Department during normal business hours.
Raising an objection to a valuation is a formal administrative process governed by law and recognised by the Victorian Civil & Administrative Tribunal (VCAT).
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 3131Australia
Tel: (03) 9262 6333 Fax: (03) 9262 6490Email: firstname.lastname@example.org