Victorian Government legislation requires all properties in Yarra, and across Victoria, to be valued every 2 years on a common date. The value of your property is used to calculate your rates.
How are properties valued?
When working out the value of your property, the valuer will analyse property sales and rents and look at the type of property and its features.
The valuer then builds a profile of value levels for different locations and property types, guided by market sales and rental evidence. This information is then applied to individual properties, taking into account the different characteristics of each property.
How is information collected?
Information on properties is compiled through inspections, building and planning permits and other public sources.
We also collect market sale information each year and information about property rentals and expenses from owners and tenants (on a confidential basis). Under property sales law, we must be notified of property sales in Yarra.
Commercial and Industrial Rental Questionnaire
During every revaluation we ask owners, managing agents, and occupiers of residential investment flats, commercial and industrial properties to give us (and/or our authorised representatives) information to help get an accurate valuation for every property. We do this via a self-completion survey.
All information, including any personal information, is collected by us for property valuation purposes in accordance with the Valuation of Land Act 1960.
It will only be used for valuation or related purposes.
You will receive a letter with SECURE LOGIN and PASSWORD details to access and complete the online survey at www.vicproperty.net.au
If you own or manage more than one property, you will need to fill out a survey for each property.
We thank you for taking the time to provide this important information.
If issues do arise, please feel free to email or call our Contract Valuers at their Questionnaire Help Desk
P: (03) 8456 5155
Valuers' statutory powers
Valuers also have statutory powers to obtain access to a property or additional information. For example, this might be information about extensive internal renovations that may affect the property's value. Valuers will usually request any additional information needed by sending a request in the mail.
A valuer can enter a property "at any reasonable time" and may request any information that will help make a true and correct valuation.
How valuations affect your rates
The value of properties in Yarra is used by us to calculate rates. A standard rate-in-the-dollar is applied to property values to determine the rates payable for each property.
It is important to remember that a revaluation establishes the value of a property relative to all other properties, including commercial and industrial properties. This determines how the total rates cost is shared. Properties with higher market value will attract higher rates than properties of lesser value.
In certain circumstances, valuations must be performed between general valuations. These are known as supplementary valuations.
Supplementary valuations are required, for example, when properties are:
- physically changed (e.g. the building is altered, erected or demolished)
- portions sold off
Supplementary valuations bring the value of the affected property into line with the general valuation of other properties within the municipality. Values are assessed at the date of the general valuation currently in use.
Objecting to a valuation
Under the Valuation of Land Act, you can object to the valuation of your property.
To initiate the objection process, please contact us on 9205 5555 to discuss your concerns. If your issue cannot be resolved, we will provide you with the prescribed objection form.
You need to complete prescribed objection form and submit the form to one of our customer service centres.
If you are objecting to a valuation you must provide details as to the valuation to which the objection is made and state the grounds on which the objection is based.
When can you lodge an objection?
Your objection must be lodged within 2 months of the date of issue of the Valuation and Rate Notice.
Objections are only applicable for the year they are lodged. We cannot review valuations retrospectively, nor is there any provision for us to receive objections lodged beyond the 2 month timeframe.
Do I still need to pay my rates by the due date?
If you object to a valuation you must still pay rates by the due date. Failure to pay rates by the required date generally results in interest being imposed.
What happens next?
Upon receiving an Objection, we will contact you to discuss the objection and organise a suitable time to inspect your property. This will be done by a Valuer.
The Valuer will give further consideration to the relevant sales of surrounding properties, property data, and property condition.
The Valuer will then review the revaluation. The valuation can be altered up or down by any amount, or the assessment can be left at its original level.
When will I know of the outcome?
You will be advised in writing of any adjustment within 4 months of us receiving the objection.
A copy of the adjustment must then be provided to the Valuer-General, who will either confirm or disallow the recommended adjustment. The Valuer-General has 2 months to advise all parties of the decision.
What if I am still unhappy with the result?
If you are unhappy with the decision of a Valuer or the Valuer-General you may apply to the Victorian Civil and Administrative Tribunal (VCAT) to review of the result.
We will both present our cases, providing evidence and supporting documents such as detailed property descriptions, relevant property sales information and valuation rationales.
The tribunal will then provide an opportunity for each party to question the other in relation to the objection, valuation and supplied evidence. The tribunal will then make a final decision based on the evidence presented.