Valuations

Bass Coast Shire Council is required by the Valuation of Land Act 1960 to value/revalue all rateable properties within the municipality on a two yearly cycle.  This ensures that both Local and State Government recognise changes in the property market which are reflected in the level of rates or land tax a landowner will pay. 

Valuations do not increase rates or influence total rates collected.  Valuations simply set the base upon which rates are levied and apportion total rates according to each property's value.

Questions about Valuations

 

What is a valuation?

A valuation is an assessment of the value of a property at a specific date. The current revaluation is based on the levels of property value as at 1 January 2016. Valuations are conducted by a qualified Valuer. The value of each property is based upon property sales, which have occurred around the date of valuation.

Why does Council do revaluations?

Council is required by the Valuation of Land Act 1960 to revalue all rateable properties within the municipality on a two yearly cycle. All properties in Victoria are valued simultaneously.

The revaluation process establishes the basis on which the total rate burden will be apportioned. The value movement on an individual property valuation in relation to other properties will determine how much that property will contribute to the total rates required.

Revaluations ensure that both Council and State Government recognise the positive and negative changes that occur in the property market, and that these changes are reflected in the level of rates or land tax a landowner will pay.

What is Capital Improved Value Rating?

Capital Improved Value (CIV) rating is a method of determining how much each individual property will contribute to the total rates required. Almost all Councils in Victoria use CIV as their rating base.

Council determines the amount of rate income required for the year to deliver the services it wishes to provide. The total Capital Improved Value of all rateable property is then divided by the amount of rates required for the year to determine a rate in the dollar. This rate in the dollar needs to be applied to all properties to generate the required rate revenue.

The Capital Improved Value of each individual property then determines how much in rates that property needs to contribute to raise the required revenue.

The Capital Improved Value (CIV) of a property includes the value of the land and the value of all improvements such as a dwelling, pool, garage, shedding etc erected on the land.

The Site Value and Net Annual Value are assessed for other taxing authorities.

Do you add the Site Value and the Capital Improved Value together to get the total value of your property?

No. The Site Value (SV) is the value of your land only. This is a separate valuation to your Capital Improved Value (CIV).

The Capital Improved Value (CIV) of a property includes the value of the land and the value of all improvements such as a dwelling, pool, garage, shedding etc erected on the land.

Does a revaluation cause rate rises?

The revaluation does not in itself generate more rates. The Council budget determines how much a council collects in rates – not the property valuations.

The revaluation will redistribute the rate burden between properties and between classes of property. Some ratepayers will pay more and some will pay less, depending on the new value of their property relative to other properties in their municipality.

Accurate and consistent property valuations will ensure an equitable distribution of rates between rateable properties.

Can ratepayers object to a valuation?

Yes, any ratepayer can object to the valuation of their property. Information about lodging an objection is issued with rate notices.

Ratepayers have a period of 60 days from the issue of their rate notice to object to the valuation of their property. There is a prescribed Objection Form available from Council or the Valuer Generals Office. Lodging of this form commences the formal legal objection and appeal process.

It is recommended that you make contact with Council’s Property Valuations team to discuss your concerns prior to lodging the formal objection as many concerns and enquiries can be resolved or satisfied prior to commencing the formal legal process.

If you have a concern about the valuation of your property, which is shown on your next rate notice, please feel free to contact Council’s Valuations team on 1300 BCOAST (226 278).

Objection Forms

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