The State Government changed the legislation relating to the valuation of properties. An amendment in 1998 to the 1960 Valuation of Land Act introduced two-yearly (biennial) valuations. Property valuations are currently based on a level of value as at 1 January 2012. Three valuations are made on a property:
In line with State Government requirements for biennial property valuations, our contract valuers conduct inspections and analyse market sales, rental data and commercial leases every two years to develop levels of value for land, buildings and rentals. This information is then applied to individual properties, taking into account the different characteristics of each property throughout the City of Glen Eira. The current valuation is operative from 1 July 2012. The next valuation will become operative on 1 July 2014, based on the value of properties at 1 January 2014. Each revaluation reflects substantial shifts in property values throughout the City, on the basis of suburb and on the type of property, including residential, commercial and industrial. This change in individual property values can have an effect on an individual ratepayer’s rates.
Property owners who consider the valuation of their property to be wrongly calculated or that the values allocated to their property are not market values as at the current valuation date of 1 January 2012, should contact us and discuss this or any issues you are not clear about. Following this discussion, if property owners are still dissatisfied with our valuation levels, a written objection on the prescribed form, stating the basis on which they object and their evidence to support their claim, must be received by us within two (2) months of the date of the annual rate notice. If an objection results in an alteration to the valuation, an adjustment will be made at that time and a notification will be mailed. Please note: That the lodging of an objection does not remove the obligation to pay the rates levied against a property by the due date(s). Failure to do so will result in interest being charged. To discuss property valuation, contact us on 9524 3333.
In certain circumstances, valuations will be conducted between general valuations. Known as supplementary valuations or "supps", these occur when building or planning changes have been made to the property. For example, the erection, demolition, extension or renovation of a dwelling or subdivision of land. Valuations will also be changed in the instance of mathematical errors. Supplementary valuations bring the value of the affected property into line with the general valuation of other properties in the City. Values are assessed at the same date of the general valuation in use. If a property has undergone a supplementary valuation, the owner will receive written notification of this and any adjustments to the SV, CIV and NAV that may have occurred on the property.
Rates payable are calculated at 1 July of a financial year using the rate in the dollar (3.2425 per cent) and the current valuation of a property. If the property had a CIV of $500,000, it would have a NAV of $25,000 (5 per cent of CIV). The annual rates calculated at the start of the year would be: 1 July NAV $25,000 x 3.2425 per cent = $810.60 If the owner was to substantially renovate or redevelop the property and increase its market value to $800,000 (NAV of $40,000), we would reassess the rate charges from the date the renovation was completed, say 31 August. This new NAV would then be used to calculate rates, but only on the new valuation from 1 September. The new rates and charges would then contain two pro-rata components:
The annual rates have increased from $810.60 to $1,214.35 for the year. If the property was valued lower, for instance if the buildings were demolished, the value would be reduced to SV which would subsequently reduce the NAV and rate charges from the date of the supplementary valuation.
The State Revenue Office (SRO) uses site valuations for the purpose of assessing land tax under the Land Tax Act 1958. The SV of land returned at the 2012 Council general valuation, which will appear on our rate notices for the 2012–13 and 2012–14 rating years will be used for land tax in 2013 and 2014.
Corner Glen Eira and Hawthorn Roads
PO Box 42 Caulfield South 3162
Telephone 03 9524 3333
TTY 03 9524 3496
Facsimile 03 9523 0339