Why are valuations important?
It provides a new market value for your property – these property valuations are now far more relevant and useful as they more closely reflect current market values. There are new market relativities – this is important because market changes help determine individual property rates and charges.
The Valuer-General Victoria introduced standard property data requirements for councils, under the initiative known as Valuation Best Practice.
Only qualified valuers – professionals holding recognised tertiary qualifications and with the required practical experience – can perform municipal valuations. They are required to operate under the highest standards of professionalism and ethics – for example, all valuers must declare impartiality before undertaking valuations and undertake to perform all valuations to the best of their ability and judgement.
Valuing a property
Data obtained for each property is determined under Valuation Best Practice guidelines and includes things such as:
- Land area
- Building size
- Building condition
- Construction material
- Available services
- Land classification (usage) and zoning etc.
Data is compiled on each property over time, through inspection, building and planning permits and other public sources.
The valuer builds a profile of value levels for each different area/property type by analysis of recent sales and leasing. This information is then applied to individual properties, taking into account the different characteristics of each property.
In certain circumstances, valuations must be performed between general valuations. These are known as supplementary valuations. They are required when properties are:
- Physically changed – eg. when buildings are altered, erected or demolished.
- Amalgamated, subdivided, portions sold off, rezoned or are affected by road construction.
Supplementary valuations are made when required.
If you are aggrieved by the valuation of your property as shown on your rate notice, you may object. This must be done within two months of the issue of your Valuation and Rate Notice.
You can submit objections:
You may object on one or more of the following grounds that:
- The value assigned is too high or too low;
- The interests held by various persons in the land have not been correctly apportioned;
- The apportionment of the valuation is not correct;
- Lands which should be included in one valuation have been valued separately;
- Lands which should be valued separately have been included in one valuation;
- The person named in the notice of valuation assessment notice or other document is not liable to be so named; and
- The area, dimensions or description of the land are not correctly stated in the notice of valuation assessment notice or other document.
Once lodged the objection will be considered by Council's Valuer. Refer to Sections 16, 17 and 18 of the Valuation of Land Act 1960 for further information .
Note: Objection or appeal does not prevent the recovery of any rate or charge or the charging of interest.
You should discuss any valuation issues you may have by contacting Council's Valuer. An appointment can be arranged by council.