All properties within the municipality have been revalued as at 1 January 2018. This has changed from the previous legislation that required revaluations every two years.
Future revaluations will be conducted by the Valuer-General Victoria and not by the City.Properties can change value over time - this means that values applying to your property, whether residential or commercial, could be higher or lower.
We use the valuation (Capital Improved Value) of your property to determine how much your rates will be each year.
These Valuations are for rating and land tax purposes only and should not be used for any other reason.
Depending on real estate market trends, properties in some parts of the City go up in value at a greater rate than others.
The revaluation in 2018 has shown residential properties in Greater Geelong have increased in value by an average 19.6%, compared to the previous revaluation.
Valuing you property
Valuations are carried out by Professional Valuers. Properties are assessed according to the Valuer-General Victoria's Victoria Best Practice Guidelines.
Valuation Best Practice provides a uniform approach to collecting property information, which we use to undertake valuations.
Visit the property and land tiles area of the Department of Environment, Land, Water and Planning for more information.
The effective date for all valuations across Victoria is 1 January 2018. This valuation will be used by the City from 1 July 2018 until 30 June 2019.
Westlink Consulting are the Valuers that conducted the 2016 level valuations as well as the 2012 and 2014 level valuations.
A new Valuation firm in Opteon Property Group will be conducting the upcoming 2019 level valuations on behalf of the Valuer-General Victoria for the 2019-2020 rating period.
We list three different valuations on your rate notice:
- Site Value (SV) - land only value
- Capital Improved Value (CIV) - land value plus all property improvements such as house, fencing, landscaping, garages etc
- Net Annual Value (NAV) - a percentage of value of the CIV
We use the CIV in a formula to calculate your rates.
Valuations and your rates
It is very important to note that an increase in your property's value does not automatically result in an increase in rates.
Property valuations are only one of a number of factors used to determine rate levels. Other key factors include rises in CPI, what we spend on infrastructure and the cost of delivering services to residents.
Individual ratepayers are likely to experience a change in their rates with both increases and decreases expected, depending on the type and location of properties.
Where property values have increased across our municipality, your rate bill will not necessarily change.
Properties with lower than average increases could expect to see a decrease in rates and those with higher than average increases are likely to see their rates bill rise.
Like all other municipalities across Victoria, the Valuer-General Victoria will conduct rate valuations every year in line with State Government legislation and in accordance with the Valuer-General Victoria's 'Best Practice' guidelines. The current values are as at 1 January 2018 and have been used for the 2018-2019 rating calculations.
The next revaluation as at the 2019 level is due to take effect from 1 July 2019.
Please be aware that we cannot provide details of how your individual property value may be affected by the statewide revaluation until rate notices are issued in August/September. Around this time, we will endeavor to provide you with information regarding the revaluation process through media advice.
This advice will be closer to the time of the valuation being utilised on your 2018/2019 rates notice. The Valuation is based on a 1 January 2018 level of valuation.
The valuation for all properties is utilised from 1 July 2018 although the valuation is set as at 1 January 2018, this is in line with State legislation.
This means that your property has been valued as near to market value had it sold on 1 January 2018 as can be determined. We started using this valuation to calculate your rates from 1 July 2018.
The next revaluation occurs on 1 July 2019 and is currently being undertaken.
A supplementary valuation may be conducted when a property’s characteristics change. They are required when properties are:
- physically changed - for example, when buildings are altered, erected or demolished
- amalgamated, subdivided, portions sold off, rezoned or are affected by road construction
- Council data correction, being our information held needing correction to that of actually being physically located on the property.
Supplementary valuations bring the value of the affected property back into line with the general valuation of other properties within the municipality.
Values are assessed at the same date of the general valuation currently in use, that is 01 January 2018.
We perform regular supplementary valuations when required, normally on a monthly basis with accounts being issued where applicable.
If you receive your rate notice in August/September and do not agree with your property valuation, you can contact us to discuss your concerns with our Valuations staff.
If after discussions you are still not in agreement with the valuation of your property, you can formally object in writing.