How Often Is My Property Valued?
We undertake property valuations every two years, as required by the Valuation of Land Act 1960. 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 amount of rates we charge on that property.
We appointed Westlink Consulting to undertake the revaluation, which produced valuations as at 1 January 2016, which came into effect from 1 July 2016.
We will use these valuations for rating purposes for the 2016/2017 and 2017/2018 financial years.
How Are Property Valuations Determined?
We determine property valuations through analysis of property sales and rental evidence. We compile information on each property through inspection; 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. However, 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 request owners, managing agents, and occupiers of residential investment flats, commercial and industrial properties provide us (and/or our authorised representatives) with information to assist in producing an accurate valuation for every property.
All information including any personal information requested as part of this questionnaire, is collected by us for property valuation purposes in accordance with the Valuation of Land Act 1960, and will only be used for valuation or related purposes.
For each property you will receive a letter from us with your assessment number and password.
We thank you for taking the time to provide this important information.
Last updated 12/12/2016