How Often Is My Property Valued?
We do property valuations (using independent valuers) every two years. This is required by the Valuation of Land Act 1960. However, from 2018/2019 valuations will take place every year. The State Government Valuer General oversees this process.
This ensures the value we place on each property is up-to-date, and reflects its market value – taking into account the latest market evidence for suburbs across our area.
This process is important, as a property's value determines the rates we charge.
We used Opteon Property Group to do the last revaluation, which produced valuations as at 1 January 2018. They came into effect on 1 July 2018.
We'll use these valuations for rating purposes for the 2018/2019 financial year.
How Are Property Valuations Determined?
Property valuations through analysing property sales and rental evidence. We get information on each property through
- building and planning applications/permits; and
- other public sources.
Your property valuations appear on your Rate and Valuation Notice issued around August each year.
Levels of Property Valuations
We provide three levels of valuation for each property. The most important valuation is Capital Improved Value: the figure that determines the rates charged on that property.
Three levels of property valuation are:
- Capital Improved Value: the value of the land and any improvements to the property, such as a dwelling, garage, pool, shed etc.
- Site Value: the value of the land only
- Net Annual Value: 5% of the CIV on all properties other than Commercial or Industrial (on commercial and industrial properties, NAV is based on the annual rental return the owner would receive if leased).
Commercial and Industrial Rental Questionnaire
During every revaluation we ask owners, managing agents, and occupiers of residential investment flats, commercial and industrial properties to give us (and/or our authorised representatives) information to help get an accurate valuation for every property.
All information, including any personal information, is collected by us for property valuation purposes in accordance with the Valuation of Land Act 1960. It will only be used for valuation or related purposes.
For each property you'll get a letter from us with your assessment number and password.
We thank you for taking the time to provide this important information.