As property values change, councils must reassess the valuation of all properties within their cities. Every two years, Council conducts a valuation of all properties in Hume.
A valuation determines the market value of a property, at a specific date and in accordance with relevant legislation and legal precedent.
For the purposes of the 2016/17 financial year, each property - including new or changed properties - was valued as if it was sold for a fair and reasonable price on 1 January, 2016.
The valuation determines how much each property owner pays in rates - properties with higher market value attract higher rates than properties with a lesser value.
How is my property's value determined?
To work out how much each property is worth, the valuer analyses property sales and rental data trends, as well as other factors such as: the highest and best use of the land; house value and other site improvements; land shape, size and location.
Does Hume City Council make more money when a revaluation occurs?
No, Council does not collect extra revenue as a result of the valuation process. Valuations are simply used as a tool to assess the rates payable for each individual property.
We do not make any more money, but the amount people pay may change; some ratepayers will pay more or less, depending on the new value of their property relative to other properties in the municipality.
Can I object to a valuation?
Yes, ratepayers can object to a valuation of their property.
Objections must be made within two months of the date of the annual rates notice. The legislated time frames set out in Section 18 of the Valuation of Land Act 1960 are obligatory. Neither Valuer-General Victoria nor a municipal council has the power to review the objection if it does not fall within the statutory time limit.
The objection can be made in relation to the value of a property or on other grounds specified in the Valuation of Land Act 1960.
Before seeking an objection form please complete a valuation enquiry form which is available from Customer Service or contact Council's Valuation Department. If you object to a valuation, you must still pay your rates by the due date. Failure to pay rates by the required date generally results in interest being imposed.
Any reduction in rates caused by a successful objection will then be credited to your account.
When will the next valuation take effect?
The next valuation will take effect in the 2018/19 financial year.