Local Councils in Victoria raise income from rates to fund services and works within the municipality every year. Manningham, along with the majority of municipalities in Victoria, use the Capital Improved Value (CIV) — the market value of the land and any improvements, as at the valuation date, to determine the share of Council’s annual budget for each of the ratepayers.
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Valuers are required to return three valuations for each property, each of which is defined in the Valuation of Land Act:
- The CIV is the total market value of the land plus buildings and other improvements. This is used in Manningham as the base to calculate rates.
- The Site Value is the value of the land only, assuming any improvements had never existed. This is used by the State Revenue Office to calculate Land Tax under the Land Tax Act.
- Net Annual Value is the rental value of the property, excluding outgoings such as building insurance and maintenance costs. It is set at 5% for residential properties, but may be higher for commercial assessments.
There are two valuation dates on your 2020/21 rates notice. On the back of your rates notice is the date ‘1 January 2020.’ This is the date on which the valuation was made, and the current level of value of your property. The other date of ‘1 July 2020’ located on the front of your rates notice is the date from which your property valuation took effect.
The two dates may have created some confusion for ratepayers however your rates notice is valid. If you are considering lodging an objection to your valuation, the ‘Level of Value date shown’, to be completed on the Objection Form, should be ‘1 January 2020'
If you have further questions about your rates notice, please contact us on 9840 9333 or e-mail email@example.com
If you consider the value disclosed on your Valuation and Rates Notice is not a correct reflection of its market value, as at the date stipulated on the notice (1 January 2020), you may lodge an objection.
An objection must be made within 2 months of the issue date of the Valuation and Rates Notice. You can submit a valuation objection online, by mail, or in person. If you are lodging your valuation objection by mail or in person please use the Valuation objection form available for download at the bottom of this page or from Customer Service.
Raising an objection to a valuation is a formal administrative process governed by law and recognised by the Victorian Civil & Administrative Tribunal (VCAT). Before commencing this process, you are encouraged to discuss your valuation concerns with the relevant Valuer appointed by the Valuer-General Victoria.
It is the ratepayers’ obligation to pay the rate instalment by the due date, even if a formal valuation objection has been lodged. Should the current valuation be amended the rate amount will be adjusted and a refund reimbursed accordingly.
The requirements and obligations of all parties are detailed in the Valuation of Land Act 1960 and the Valuation of Land Regulations 2014.