City of Greater Shepparton

City of Greater Shepparton

URL: http://greatershepparton.com.au/residents/finance/valuations/

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Valuations

A General Revaluation of all properties in the municipality is undertaken every two years under the Valuer-General Victoria's Valuation Best Practice program and the Valuation of Land Act 1960. The revaluation of all properties in our municipality has been conducted by independent, licensed contract valuers LG Valuation Services Pty Ltd.

The Council uses the Capital Improved Value (CIV) as its valuation base. Up-to-date and accurate valuations are critical for ensuring property owners pay a fair and equitable share of rates.

All properties in the municipality - and across Victoria - have now been valued at a common date of 1 January 2008.

To work out how much each property is worth, the contract valuer analyses latest property sales and rental data, as well as the use of the land, shape, size, location, buildings and other site improvements.

All general valuations are serviced by supplementary valuations. Supplementary valuations are required when properties are:

• Physically changed - e.g, when buildings are altered, erected or demolished; or
• Amalgamated, subdivided, portions sold off, rezoned, etc.

Supplementary valuations bring the affected property into line with the general valuation of other properties within the municipality. Values are assessed at the same common date of 1 January 2008.

Ratepayers have rights under the Valuation of Land Act 1960 to object to the valuation of their property if they are dissatisfied with the determination provided by the Council's Valuers. A formal objection must be made within two months of the issue date of the rates notice and be contained on a proforma objection form.

Should you consider it necessary to lodge a formal objection, we strongly recommend that you discuss your concerns, in the first instance, with the Council's contract valuers, LG Valuation Services Pty Ltd on (03) 5851 2200. Regardless of any objection to the valuation, the rates must be paid as assessed by the due date(s), otherwise interest will be charged. (Any rate adjustments will be made upon receipt of the determination of the objection.)

Further information about appealing against your property valuation or a proforma objection form can be obtained from the links below or by contacting the Council's Rates Department on (03) 5832 9700.

Capital Improved Value (CIV)

This is the market value of the property, which takes into account the land plus buildings and other improvements. Council rates are based on the CIV.

Site Value

This is the market value of the land excluding improvements, eg. Buildings.

Net Annual Value

This is the annual rental value of the property, calculated at 5% of the CIV for farm and residential properties.