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Property valuations

How properties are valued, how they affect your rates and how to submit an objection if you disagree with the valuation of your property.

We are not responsible for valuing your property. This is because the State Government centralised this responsibility with the Valuer-General Victoria in 2018.

Valuations take place every year and the Valuer-General gives these to us for rating purposes. We then send out your formal valuation and rate notice.

The relevant date of the valuation is 1 January of each year.

How are properties valued?

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) – total market value of the property including land and all improvements
  • Site value (SV) – value of the land only (assuming vacant land with no buildings)
  • Net Annual Value (NAV) – 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%.

How do valuations affect your rates?

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.

Supplementary valuations

A supplementary valuation is a separate valuation between general valuations. It brings the value of an affected property into line with other properties in the municipality.

Examples of when we need to make a supplementary valuation include:

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

Objecting to a valuation

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 online portal for the Office of the Valuer-General Victoria.

You must lodge objections within two months of the date of issue on the rate notice. We cannot consider objections lodged after this time.

Find out more about valuation objections by:

Please note: you must still pay your rates by the due date while your objection is being considered. Failure to do so may result in us charging interest.

What happens next?

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.