Valuations

The Local Government Act and the Valuation of Land Act require Council to revalue all properties within Nillumbik every two years. The Valuations shown on your rates notice are based on the value of your property as at 1 January 2010

The Valuation date used by Council is set by the Valuer General. All properties have been revalued for use in the 2010-2011 rating year. These values will remain in force until 30 June 2012.

Assessed valuations

Nillumbik Shire Council calculates rates on the Capital Improved Value (CIV) for each property. The valuation is shown on the Rate Notice. Capital Improved Value (CIV) is the estimated market value of the property including land and all improvements.

There are 3 valuations shown on your rate notice, these are:

• Site Value (SV) - Is the value of the unimproved land.
• Capital Improved Value (CIV) - Is the total unencumbered value of the property including land (added value of all buildings and including land).
• Net Annual Value (NAV) – is a minimum of 5% of the CIV. For commercial assessments the adjusted annual rent.

Valuation objections

The Valuation of Land Act 1960 (Sections 16,17 & 18) provides that any person who wishes to object against a valuation must lodge the objection with Council within two months from the date of issue of annual or subsequent supplementary rate notices. Any such objection must use the prescribed objection form. Copies are available from Council’s Property and Rates Department during normal business hours.

Ratepayers are encouraged to always discuss valuation issues with Council’s Valuers prior to lodging an objection by calling 9433 3391. The initial informal discussion may be beneficial to clarify specific issues.

Once a formal objection has been lodged with Council there are specific statutory processes that need to be addressed for the purpose of concluding and resolving the dispute.

The objector will be required to produce relevant market evidence to support their claim of an amended council valuation.

Regardless of any objection to the valuation, rates must be paid as assessed by the due date, otherwise interest may be charged.

Supplementary valuations

A supplementary valuation may be made when the value of the property has been materially altered since the return of the existing valuation, for example the erection of a new dwelling on previously vacant land, additions to an existing house or fire damage to a dwelling.

Supplementary valuations bring the value of the affected property into line with the general valuation of other properties within the municipality. Values are assessed at the date of the general valuation currently in use. A supplementary rates notice may be sent at anytime throughout the year.

Other Uses

State Revenue Office uses the Council's Site Valuation indicated on this notice for the purpose of assessing land tax under the Land Tax Act 1958.