What is a valuation?
A valuation is an assessment of the market value of a property at a specific date. All properties in Victoria are valued on a common date. For the purposes of the 2012/13 financial year, each property has been valued through a general valuation as at 1 January 2012. New or changed properties are also valued as if they existed on 1/1/2012 to retain relativity across the municipality.
The general valuation establishes the value of a property relative to all other properties i.e. its market relativity - not just between residential properties but also between residential, commercial, and industrial properties. The relativity determines how the total rates cost is shared - properties with higher market value attract higher rates than properties with a lesser value.
How is my property value determined?
Property values are calculated by analysing property sales and rental evidence, which is then applied to the data on each particular property. The Valuer builds a profile of value levels for each different area and property type by reviewing recent sales. The information is then applied to individual properties, taking into account factors such as land size, age, building size and condition.
What is the Capital Improved Value?
The Capital Improved Value (CIV) is the expected sum of money that might be realised if the land and any existing dwelling or improvements were offered for sale at a particular time. For instance, on a rates notice, it may show land value as $200,000 and CIV as $450,000. The CIV includes the land value plus the value of any buildings on the site.
Why is a revaluation undertaken?
State legislation requires that all properties in every municipality be revalued every two years. Rates for 2012/13 and 2013/14 will be based on the current level of value.
When was a revaluation undertaken?
For the 2012/13 year, a revaluation of all properties within the municipality was carried out with valuations based on a level of value dated 1 January 2012. The next general revaluation of all properties is to be used in the 2014/15 rate year with a level of value as at 1/1/2014.
Why has my valuation changed from last year?
A general revaluation every two years may result in the rates for some properties going up while others decrease. If a property's value increases by less than the average increase across the municipality, the rates for that property will be relatively lower. Rates will be relatively higher if a property's value increases by more than the average increase in valuation.
Does Hume City Council make more money when a revaluation occurs?
Councils do not collect extra revenue as a result of the revaluation process. Valuations are simply used as a tool to assess the rates payable for each individual property.
What is the process if I object to a valuation?
If you are concerned about your valuation then you can object to the value of the property. An objection must be made within two months of the issue date of the rate notice.
Before seeking an objection form, please contact Customer Service to complete a valuation enquiry form. A member of the Valuation Department shall then contact you to discuss your concerns. If you object to a valuation, you must still pay your rates by the due date or you may incur interest charges. Any reduction in rates caused by a successful objection will then be credited to your account.