How property is valued
Victorian Government legislation requires all properties in Yarra, and across Victoria, to be valued every two years on a common date. The value of your property is used to calculate your rates.
A general property revaluation was held in Yarra in 2016. Properties in Yarra increased were found to have increased in value by an average of 16.93% over the past two years.
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.
Yarra City Council also collects market sale information each year and information about property rentals and expenses from owners and tenants (on a confidential basis). Under property sales law, Council must be notified of property sales in Yarra.
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. However, 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 rates
The value of properties in Yarra is used by Council to calculate rates. A standard rate-in-the-dollar is applied to property values to determine the rates payable for each property. Here is more information on how rates are calculated.
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.
Can I object to a valuation?
Yes, but you must do so within two months of the date on your rate notice. For more information, visit our objecting to a valuation webpage.
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.
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Coordinator - Valuations