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Valuations

Council Valuations

Land valuations are conducted annually and centralised under the Valuer-General Victoria as the sole valuation authority.  All properties in East Gippsland Shire were last valued on 1 January 2019. The next valuation date will be in 2020. 
 

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 2019.

 

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.

 

I do not agree with my valuations, what can I do about it?

Under the Valuation of Land Act 1960 (VLA) you have the right to object to the valuation applied to your property.  Whether your property is Residential, Commercial or Farm, there are a number of specific ground on which you can object, for example: valuations are too high or too low, the incorrect Australian Valuation Property Classification Code (AVPCC) applied.

 

How do I Object?

For your objection to be considered by the Valuer, you must complete an objection on the prescribed form in its entirety and lodge the form with Council within two (2) months of being issued your rate notice (Annual or Supplementary).  You are also required to provide a short summary of the reasoning to support your objection.
To obtain an objection form or for more information regarding your valuations please contact the Council on 03 5153 9500. 

 

Do I still need to pay my rates by the due date?

Yes.  Even if you have lodged an objection to a valuation you must still pay rates by the due date.  Failure to pay rates may result in interest being added and recovery action and legal costs.

 

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