The valuation process
All properties in Victoria are valued on 1 January each year.
Valuations are not done by councils. Valuations are completed by certified practising valuers on behalf of the Valuer-General Victoria (VGV).
Valuations are then provided to councils to use for the calculation of rates.
How valuers calculate property valuations
Valuers must return three valuations of each property which are:
- Capital Improved Value (CIV).
- Site Value, which relates to the market value of land only.
- Net Annual Value, which is the current value of the property’s net annual rent. This is set at five per cent for residential properties, but could be higher for commercial assessments.
For more information about property valuations, please go to the Victorian Government's website.
How to lodge a valuation objection
If you believe that the valuation does not reflect market value of your property at 1 January of the relevant year, you may lodge an objection.
Your objection must be submitted within two months of the issue date of the valuation and rates notice.
The issue date is located in the top right hand corner of your Rate Notice above the property ID
To make an objection you can either:
- Submit your objection online.
- Submit your objection by mail or in person by completing a valuation objection form. Please contact us if you require a hardcopy form.
For more information about lodging an objection, please go to the Victorian Government's Rating valuation objections portal.
You will still need to pay your rate instalment
You are still required to pay the rate instalment/s by the due date/s, even if you have lodged a formal valuation objection.
If payment is not made by the due date/s, you will incur penalty interest charges.
If there is an adjustment to the valuation, there will be an amendment to the rate amount and you will receive a refund if there is a credit.
You can find out the statutory requirements and obligations within the Valuation of Land Act 1960 and the Valuation of Land Regulations 2014.
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