Valuations and Objections
A Council Property Valuation is an assessment of the market value of your property for rating purposes.
Victorian Legislation requires that Valuations are undertaken every year as at 1 January by the Valuer-General.
Please note, Council Valuations are for rating purposes and may be different from a bank or real estate market Valuation.
Frequently Asked Questions
What is my Property Valuation based on?
The Valuer-General makes a Valuation of your property based on the following information:
- market changes in your area
- recent, comparative sales
- location and land size
- building value (size, age, quality and condition of your property)
- any other improvements and extensions to your property
What do the different Valuations on my Rates Notice mean?
- Site Value (SV) - The value of land only (please note that the Site Value (SV) is included in the Capital Improved Value (CIV)
- Capital Improved Value (CIV) - The value of land and all improvements such as buildings, garages, pools, tennis courts etc (this Valuation is used to calculate your Rates)
- Net Annual Value (NAV) - This reflects the annual rental value (residential properties reflect 5% of the CIV, commercial and industrial properties reflect the average annual rental amount)
The property market has declined, why hasn't my Valuation decreased?
It is important to remember that even if the property market has declined, that doesn’t necessarily mean that your property Valuation will decrease.
This is because Rates notices are issued 8 months after the Valuation date (1 January) and while the market can change a lot during this time, your Valuation is based on property sales leading up to the Valuation date.
So if the property market prices decline after 1 January in any year, this will have no impact on the property Valuations that have already been made.
Why has my Valuation decreased while my Rates have increased?
The Rate in the Dollar is determined by a budget process to calculate the total amount of rate revenue we require to maintain our services and deliver future projects. This amount is divided by the total value of the properties within the Frankston City Municipality (this amount changes every year).
The result of this could be that your Capital Improved Value (CIV) has decreased but the rate in the dollar has increased by a higher amount which means there would be an increase in your Rates.
Will Rate Capping affect my Valuation?
The annual revaluation may have an effect on the overall percentage increase of your Rates. In some cases, ratepayers will find that their rates bill has changed by more or less than the current rate cap from the previous year. There are reasons this may occur, including:
- The Valuation of the property has increased greater than the Valuation of other properties in the municipality
- The inclusion of other rates and charges not covered by the Government’s rate cap policy have increased
- The application of any differential rate by council.
What is a Supplementary Valuation?
A Supplementary Valuation is an amended Valuation calculated after the yearly revaluation for one of the following reasons:
- Any change to the physical characteristics of the property
- Any change to the use of the property
- Where the property is now occupied by a charitable or religious institution and is no longer rateable, or the property is owned and occupied by a statutory body.
Making an Objection
If you feel your property has been incorrectly valued, please contact Council as a first step. If after speaking to Council you would still like to make an Objection, we can provide you with an Objection Form or alternatively you can visit Objecting to a Council Valuation.
Your Objection will be processed by the appointed Valuer, who will make an assessment and forward their recommendation to the Valuer-General Victoria for review and confirmation.
Please note, Objections must be made within two (2) months of the date of issue shown on the Rates Assessment Notice; Objections received after this date will not be considered.
I have lodged an Objection but I'm still waiting for the result, what can I do?
It may take a few months before you receive the results of your objection, however you can contact the appointed Valuer to check on the progress of your Objection.
Once the Valuer has made their determination, a recommendation is forwarded to the Valuer-General of Victoria for review and confirmation; you will then be notified of the outcome.
Land Tax Enquiries
All enquiries and objections relating to Land Tax Assessment notices are handled by the State Revenue Office as they are responsible for issuing the Land Tax Notice.
For further information, including the Land Valuation Objection Form please visit State Revenue Office.