council
Valuations
council
Valuations
Learn about property valuations and what to do if you don't agree with your valuation.

Announcement

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 East Gippsland.

When are properties valued?

Victorian properties are valued each year at 1 January by the Valuer-General Victoria, and are largely influenced by property sales and rentals in the area.

The last valuation date was 1 January 2020.

The valuations from 1 January 2020 were used in the calculation of the 2020-21 rates.

More information on centralised annualised valuations is available on the Valuer General website.

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What CIV, SV and NAV mean on your rates notice?

Rating valuations This reflects the total rating valuation of the property, including the land value and all improvements.

This 'fair market value' reflects the total value of the property, including all land and buildings. This is called the Capital Improved Value.

We use the Capital Improved Value (CIV) of a property as the basis for rating.

Capital Improved Value (CIV)

This reflects the total rating valuation of the property, including all improvements.

Examples of improvements include, but are not limited to:

  • buildings
  • fences
  • sheds
  • pasture improvements

We use the CIV to calculate your rates and the variable portion of the Fire Services Property Levy.

Site Value (SV)

This is the value of the land in its natural state. It is used by the State Revenue Office to calculate land tax.

Net Annual Value (NAV)

Estimated value if you rented out a commercial or industrial property.  We do not use this information but it needs to be shown on the rates notice as a Local Government Act 1989 requirement.

Is a rating valuation the same as valuations done by real estate agents or mortgage lenders?

No, rating valuations do not reflect today's current market conditions.

Rating valuations only reflect market conditions on 1 January each year.

Due to market movement from the valuation date, market conditions can vastly change.

Rating valuations are established at a set date in time as directed by legislation, so it’s important to be aware that the valuations do not move or roll with the current market conditions today.

Rating valuations are not the same as a:

  • Market valuation - which is done at the date of the valuation report or instruction
  • Mortgage valuation - which is done for financial loaning and lending purposes
  • Property appraisals (a Real Estate Agents opinion of value, which is not a qualified or certified - valuation by analysis).

What to do if you don't agree with your valuation

If you do not agree with your property's valuation you have a right to put in an objection.

There are a number of specific grounds on which you can object, for example: you think the valuation is too high/low or the incorrect Australian Valuation Property Classification Code (AVPCC) has been applied.

You have two months to object

You need to contact us for an objection form.

Fill in the form and return it to us within two months of the Date of Issue shown on your rate notice (not the date you received it).

You also need to provide a short summary of the reasons you believe your valuation is incorrect.

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.

If you do not pay your rates, interest may be charged. You may also receive other costs relating to debt recovery and legal costs.

What is a supplementary valuation?

In certain circumstances, a property valuation may be conducted outside the usual schedule. Known as supplementary valuations, they are required when properties are:

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

Depending on what has changed about the property, supplementary rates may see a decrease or increase in the value of the property and the rates you need to pay.

Values are assessed at the prescribed date of the general valuation currently in use.

A supplementary valuation notice will state the revised valuations and subsequent rate adjustments.

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This page was last published on: 
Wednesday, February 3, 2021