Council Property Valuations used for Council Rates and Land Tax purposes in Victoria are based on valuations returned annually.
- The valuation date is as at 1 January;
- with the valuations used for Council rates from 1 July;
- Land Tax valuations use the Council valuations which are based on the 1 January valuation date which is approximately 12-15 months prior to their issue;
- Land tax relates to lands held as at 31 December each year.
Basis of Valuations:
- Council Property Valuations are:
- completed in accordance with the Valuation of Land Act 1960;
- generally completed using a computer assisted mass appraisal software system;
- completed within a short timeframe to comply with legislated timelines.
Issues to be aware of
The completion of most properties using this approach generally leads to an acceptable valuation outcome.
In some instances the mass valuation process can lead to erroneous outcomes:
- when properties are outside the typical characteristics of properties in the surrounding area in relation to:
- land size;
- building improvements;
- views;
- land use;
- site contamination;
- planning restrictions;
- restrictive covenants;
- heritage considerations or restrictions under the Victorian Heritage Register;
- They may also be errors due to incorrect land and building details.
Land Tax Valuations are applied against a threshold schedule which has had minor changes in recent years including lowering the base rate from which land tax applies. Current Victorian Land Tax Scales
As property prices have risen, substantially over the last 15 years, the Victorian State Government has collected substantially more revenue from each revaluation.
You have 60 days from the issue of a Council Rates and Valuation Notice or a Land Tax assessment to lodge a notice of objection.
How can we help?
- If you have concerns with your Council property valuations or Land Tax Valuations we can assist with an individual site specific review of the valuation and the provision of independent property advice about the appropriate market valuation at the relevant valuation date;
- Checking that the valuations are fair and reasonable at the date of valuation is a prudent check to ensure you are not paying more Council rates or Land Tax than you should based on the assessed market value;
- Kelly and Fitzgibbon can manage the objection lodgement process and attendance at VCAT on appeal as required;
- Contact us today to discuss you rating valuation queries and how we may be able to assist in their review;
- Our reviews of Council and Land Tax Valuations have saved client many tens of thousands of dollars for higher valued properties.
- We have spent decades in preparing Council valuations and handling valuation and rating objections to both Council rates and land tax valuations. Let us help review your valuations to ensure you are being taxed appropriately. Contact us to discuss the review of your rating valuations.
- Let us review your Council-and-land-tax-valuation-objections in Melbourne and the Mornington Peninsula.
Call us today Tel: 03 9596 0000 – Melbourne | Tel: 03 5977 1056 – Mornington or complete the contact form setting out your requirements and we will assist you with your property valuation and advice requirements.
