The State Government requires Councils to assess the value of properties every two years, on a date set by the Valuer-General. All properties in East Gippsland Shire were last valued on 1 January 2014. The next valuation date will be in 2016.
The Capital Improved Value (CIV) figure shown on your Rates Notice is the assessed market value of your property (that is, land and improvements) as at 1 January 2014.
Capital Improved Value (CIV)
Capital Improved Value refers to the total market value of the land plus the improved value of the property including the house, other buildings, fences, landscaping and other aspects.
Site Value (SV)
Site Value refers to the unimproved market value of the land.
Net Annual Value (NAV)
Net Annual Value is the annual rental a property would render (less the landlord’s outgoings) or 5% of the CIV for residential properties and farms. The value is higher for commercial/industrial and investment properties.
Increased property values do not increase the total amount of money a council collects in rates – it redistributes the amount of rates between individual properties. 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. Council's budget determines how much is collected in rates, in conjunction with property valuations.