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Rates revaluation 2018

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Why the revaluation?

Under state legislation, Council is required to complete general valuations of properties, which in turn determine your rates. Up until this year valuations were done every two years (so the valuation completed in 2018 is comparing prices from 2016). From now on the legislation requires us to do valuations each year.

What do the three valuations on my rate notice mean?

The three valuations shown are the Site Value (SV), Capital Improved Value (CIV) and the Net Annual Value (NAV).

  • Site Value (SV) – the market value of the land only
  • Capital Improved Value (CIV) – the total market value of the land plus buildings and other improvements
  • Net Annual Value (NAV) – either 5% of the CIV or the current value of a property net annual rental.

Who determines property value?

Council employs independent valuers to do this, and they look at many factors to determine the property value including:

  • real estate sale prices
  • market movements and trends
  • features of the house and the land
  • any improvements to the property.

Changes to rate charges

There has been strong market growth in the last two years resulting in an average increase across all property types in the Shire of 9.35%. Some areas and townships have experienced increases higher than this average, while some have been lower.

While improved property values are generally good news for owners, Council understands that the impact of rate increases can cause concern.

This helps Council get more money, right?

Not exactly. The increase in Council rates is capped, so the total amount of rates we receive doesn't change based on your property's value. What does change is the portion you pay of the total rates we collect.

More information

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Page Last Updated:

Monday, 10 September 2018 - 9:14am

 

Council acknowledges the traditional Wadawurrung owners of this land. Council pays its respects to Wadawurrung Elders both past and present and extends that respect to all Aboriginal and Torres Strait Islander People who are part of Golden Plains Shire.