Rates notices to include new property valuations

Published on 10 August 2018

Ratepayers will shortly receive annual rates notices, which contain new valuations for properties in the shire and which reflect the strong local property market.

A valuation is an assessment of the market value of a property at a specific date, in this case 1 January 2018, which is used to calculate rates for the 2018/19 financial year.

Council recently adopted the 2018 general valuation, which included strong growth in property values with the overall average increase across the shire in the past two years for all property types being 14.94%.

Overall, during the last two years there has been strong and fairly consistent growth in property values across the shire, particularly in the value of vacant residential land.

All areas of the shire showed a greater than 10% increase in value over the last two years. The highest percentage changes were in Romsey, New Gisborne, Riddells Creek, Malmsbury and Gisborne.

While the last valuation took place in 2016, the next will occur in 2019 following a Victorian Government decision for valuations to take place annually from next year.

Rates notices will be accompanied by a brochure which details how Council determines rates, taking into account the Victorian Government’s 2.25 per cent rate cap. It should be noted that whilst the rate cap is based on the average property in the shire, actual rate increases will vary from property to property depending on individual valuation changes.

For more information on how valuations are calculated, or to object to your valuation, see: Valuations or call (03) 5422 0333.