Victorian Government legislation requires all properties in the City of Melbourne municipality and across Victoria to be valued every two years on a common date. The value of your property is used to calculate your rates, so it is important that your valuation is up to date and accurate.
This year, 2010–11 is a valuation year, so this year's rates have been calculated using the property values assessed on 1 January 2010.
What information is used to value a property?
A valuation is an assessment of the market value of a property, at a specific date and in accordance with relevant legislation and legal precedent.
Your property values are assessed using information such as:
- market prices and rents
- property type and
- property features
Valuers build a profile of value levels for different locations and property types, guided by market sales and rental evidence.
The City of Melbourne collects market sale information each year and information about property rentals and expenses from owners and tenants. Under property sales law, councils must be notified of property sales.
The City of Melbourne also uses building and planning permits and other public documents to gather information about each property within the municipality. If further information is needed, an information request or a property inspection may also be necessary.
Valuers have powers to obtain additional information and will usually request this information by mail. However, a valuer can enter a property ‘at any reasonable time’ and may request any information that will help make ‘a true and correct valuation’. This may be done, for example, where an internal property inspection is needed to ensure an accurate valuation. Inspections are arranged with owner/occupiers.