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Property valuations

State legislation requires all properties within Victoria to be revalued annually by the Valuer-General Victoria (VGV).

Your 2023-24 rates notice will have an effective value date of 1 January 2023. This means the values are reflective of the market data from 1 January 2022 to 1 January 2023.

You can find out more about how a property valuation affects your rates here.

How your valuation is calculated

Property valuations are determined by qualified valuers, who are appointed by the State Government - Valuer General Victoria (VGV).

Valuers use information such as sales data, rentals, building plans and permits to help them determine an accurate valuation of your property.

These can be based on:

  • location
  • site details (land area, zoning, shape of the site, easements, frontages and topography)
  • the building(s) on the site (size, age, condition, construction type)
  • similar type properties that have recently sold or been leased in your area, and the current state of the property market.

 

How your property is valued

Once complete, three sets of values are produced on your rates notice:

CIV (Capital Improved Value) - land value plus buildings and other improvements such as dwellings, fencing, sheds, pools etc.

SV (Site Value) - unimproved value of the property (land only). This is used by the State Revenue Office to assess any land tax under the Land Tax Act 2005

NAV (Net Annual Value) - current value of a property's net annual rent.

  • For residential properties, this is 5% of the CIV
  • For non-residential properties, this is either the annual rental value or 5% of the CIV (whichever value is greater.)

Supplementary Valuations

If changes are made to a property that could alter its value, a supplementary valuation is conducted during the year.

Valuations must be updated to reflect the following:

  • subdivision of properties  
  • parcel of land sold
  • rezoning and changes in the use of the property
  • roads constructed 
  • buildings constructed, additions, or demolished 
  • properties amalgamated

How do I lodge an objection to the property valuation

If you believe that your property valuation is not accurate you must submit your objection within 2 months of the “date of issue” of your Annual Rates or Supplementary Notice. This date is determined by state legislation and we cannot extend this date.

While Council will help facilitate enquiries, all objections must be lodged directly to the Valuer-General Victoria (VGV).

If you wish to lodge an objection to your valuation, please use the Rating Valuation Objections Portal. 

Information to help you understand the process of objecting to a valuation is available on the Valuer-General Victoria's website.

During the objection period, all rates and charges that fall due, must be paid by their respective due dates.

What happens after I lodge an objection?

  • An acknowledgment email/letter will be issued by the VGV
  • The VGV appointed valuer will contact you within 2 months of the acknowledgment
  • They will review the valuation and look at factors including surrounding property sales, data, and condition
  • The VGV has 4 months to issue a notice of decision which may or may not alter the original valuation
  • During the objection period, all rates and charges that fall due must be paid by their respective due dates
  • After receiving the notice of decision from the VGV, a new notice will be issued to you by Council within 3 months

Land Tax objections

Should you receive a Land Tax bill from the State Revenue Office and wish to object to the site value please contact the State Revenue Office directly on 13 21 61 or submit an objection online. You have 2 months from the issue date on your Land Tax notice to object to your site value.