To work out the value of a property, the valuer builds a value profile for locations and property types, guided by market sales and rental evidence. They then apply the profile to individual properties, taking their unique characteristics into account.

There are three valuations for each occupancy:

• Capital Improved Value (CIV) which is the total market value of the property including land and all improvements
• Site value (SV) which is the value of the land only (assuming vacant land with no buildings)
• Net Annual Value (NAV) which is equal to 5% of the CIV for residential properties

For non-residential properties, the NAV is the annual market rental of the property, minus all necessary expenses to maintain that property, except rates. NAV cannot be less than 5%. 

We apply a standard rate in the dollar to a property's net annual value to determine the rate payable.

We do not have different rates for different property types.

Sometimes additional property valuations – known as supplementary valuations – are required between regular general valuations.

Supplementary valuations are typically conducted when a property has undergone changes. They bring the value of an affected property into line with other properties in the municipality. Examples of these changes include:

• alterations
• new construction or demolition
• subdivision
• consolidation
• rezoning
• sale of portions of a property

If your property is subject to a supplementary valuation and its value changes, you will receive a supplementary valuation notice. This notice outlines the updated property value and any amended rates.

While the valuation date on the supplementary notice aligns with the general valuation date (1 January of the applicable year), the actual rates are applied on a pro-rata basis starting from the supplementary notice issue date.

If you disagree with the valuation of your property, you can lodge an objection.

To lodge an objection, submit a completed notice of objection form to the Office of the Valuer-General Victoria.

A valuer will review the valuation and consider the information on your objection form. They will also contact you to arrange a time to inspect the property.

The valuer has four months to review the valuation and must provide a copy to the Valuer-General.

The Valuer-General will formally advise us of the outcome once the review is completed.

Any rate changes will occur after the Valuer-General gives us the result of the objection review. We will send you a new rate notice once the information becomes available.