Council is required by law to conduct valuations of all properties in the municipality every two years. This valuation is an assessment of the Capital Improved Value (CIV) of your property on a specific date. CIV is the value of your land, buildings and any other improvements on it. Property valuations are undertaken by qualified professionals who analyse sales and rental figures to determine values.
How is a Valuation determined?
The valuation process involves ongoing reviews of relevant property data and methodology which includes analysis of recent developments and trends in the property market. In simple terms, a valuation is an assessment of the amount a property would sell for on a set date in time.
Values are determined by qualified valuers who gather and analyse a range of property information. To work out how much a property is worth, the council valuer commences by analysing the latest property sales and rental data to build a profile of value levels for different suburbs and types of properties within the municipality.
The analysed level of value is then applied to individual properties throughout the municipality. Land size, location, building value, plus the added value of a garage, garden, driveway and other improvements are also taken into consideration to determine the Capital Improved Value.
How often does a Revaluation occur?
Council is required to perform a Revaluation every two years.
Does an increase in valuation mean an increase in rates?
The Revaluation and the Budget are separate processes. The total valuation of all properties is used to strike the rate in the dollar, while the individual valuations apportion rate charges throughout the municipality.
What is a Supplementary Valuation?
Supplementary valuations are carried out under certain circumstances, in between the general valuations to ensure valuations reflect the current property condition. Examples of circumstances which may incur a supplementary valuation, include:
- Subdivision of properties
- Parcel of land sold off
- Buildings erected, demolished or physically altered
- Properties amalgamated.
What if I disagree with the valuation of my property?
If you disagree with the valuation assigned to your property, you can object to the valuation. To object, you must fill in an objection form and return it to Council within two months of the issue date of your annual rate notice. If you are considering lodging an objection, you are encouraged to contact Council's Property Services Team to discuss the matter first.