Property valuations

Each year, independent professionals appointed by the Valuer-General in Victoria value all property in the council area. These valuations are then provided to us.

What do the valuers look at in making a valuation?

• The valuers look at the land size, condition and location of your property, and any improvements made since the last valuation.
• They analyse similar properties that have recently sold or been leased in your area.
• They also look at the current state of the property market.

From this information, they assess the ‘Capital Improved Value’ (CIV) or the total market value of your property.

Given that property prices can change, the Valuer-General revalues properties annually.

A revaluation redistributes the amount of rates payable based on a fairer and updated valuation.

• Generally, if your property has increased in value at a faster rate than other properties, your rates will increase at a higher proportion.
• If your property value has dropped or risen at a slower rate than others, your rates will increase at a lower proportion.

Revaluations do not mean we receive more money in rates. They only affect the way the total rates revenue is shared among property owners.

The property values on your rates notice will have an effective value date of 1 January 2024. This means that the valuations on your rates notice are derived from market sales data between 1 January 2023 until 1 January 2024.

Supplementary valuations are carried out in certain situations, in between the general revaluations.

Examples of these situations include:

• subdivision of properties
• parcel of land sold off 
• rezoning 
• roads constructed 
• buildings erected, demolished or physically altered.

We use the Net Annual Value (NAV) method for calculating rates.

• For residential properties this is five per cent of the Capital Improved Value (CIV), which is the total market value of the land plus buildings and any other improvements. 
• For non-residential properties, the NAV is the rent at which the property might reasonably be expected to be let from year to year, less all necessary expenses required to maintain that property ( for except Council rates). 

Rates are calculated based on the combination of two variables: the rate in the dollar and the valuation (CIV).

Rate in the dollar for 2025

The rate in the dollar for the 2024-25 financial year is:

$0.04683579 – General rate

$0.2810147 – Farm rate

Formula for calculating rates

The formula for calculating rates is: Net Annual Value (NAV) x rate in the dollar = rate payable

For example:

• Capital Improved Value = $500,000
• $500,000 x 5% = $25,000 (Net Annual Value)
• $25,000 x (0.04724460) = a base rates bill of $1181.115

*This figure is just an estimate of the general rate and would not include any interest, fire services levies, waste charges etc.

If you believe that your new Capital Improved Value (CIV) is not accurate as of 1 January 2024, you must submit your objection within 60 days of receiving the annual rate notice or supplementary notice. This date is determined by state legislation, and we cannot extend this date.

You'll find information about objecting to a valuation on the Valuer-General Victoria's website.

If you wish to lodge an objection to your valuation, please use the state government's Rating Valuation Objections Portal.