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Valuations

Revaluations

From 2019, the Victorian Government, via Valuer-General Victoria (VGV), re-values each property in Banyule annually.

Council uses the Capital Improved Value (CIV) supplied by VGV to apportion the amount of rates paid for each property. The CIV is the value of the land plus buildings and other improvements

 

Valuations - how they affect rates

After Council has determined how much rate revenue it needs to fund its budgeted expenditure for the financial year, it sets a rate in the dollar.  The rate in the dollar is then multiplied by the CIV to calculate the rates payable for each property.

After each revaluation ratepayers may experience a different proportional change in their rates compared to ratepayers in other parts of the municipality.  This occurs because changes in property values are not uniform across the whole municipality and will vary from area to area. 

 

Supplementary valuations

As rates are based on the CIV of a property, if changes such as erecting, extending, altering or demolishing buildings, or subdivision of the land are made, Council may decide to re-value your property. These Supplementary Valuations alter the CIV outside the annual revaluation process and result in the issuing of a new rates notice.

 

Objection to valuation - Council rate notice

Information relating to making an objection to your valuation is provided on the rear of your rate notice.

In the event that you wish to lodge an objection to your valuation, you are required to lodge it within two months of the issue date noted on your rate notice.

 

Land tax

The State Revenue Office uses Site Values (SV) to calculate land tax and CIV to calculate vacant residential land tax

If you wish to lodge an objection to your State Revenue Office land tax or vacant residential land tax assessment, you are required to lodge it within two months of receiving your assessment notice. You must complete and lodge the Land Valuation Objection Form online.

 

Further information

Further information about how the VGV conducts the revaluation process in Victoria can be found by calling the VGV Rating Authority Valuations (Metropolitan Region) on 7004 1460 or visiting the VGV website.

Further information on the use of valuations for land tax can be found by calling the State Revenue Office on 13 21 61 or visiting the State Revenue Office website.