All Monash properties were revalued in January 2023, and this revaluation has been used as the basis for the 2023/24 rate notices.
From the 1 July 2018, the Valuer-General Victoria has performed revaluations on all properties in Victoria annually. Revaluations are no longer performed by councils.
Councils do not get more money due to property prices increasing. The revaluation simply re-apportions the amount that each ratepayer contributes.
The Valuer General Victoria has information about Council Rating Valuations on their website: www.land.vic.gov.au/valuations/valuations-for-rate-and-land-tax/council-rating-valuations
Valuer-General now undertaking the 2024 annual rating revaluation
Valuer-General Victoria is currently undertaking a revaluation of all properties for rating purposes in the City of Monash. These valuations will be used by Council for the 2024/25 financial year.
As part of the valuation process, property rental information is being collected from property owners, agents and tenants. Council and the Valuer-General are aware of the difficulties being faced by property owners and tenants at present. VGV’s appointed valuers, Westlink Consulting, are collecting rental information for commercial and other properties in order to ensure the returned valuations are accurate and the impact of current market conditions is properly considered.
Valuer General Victoria (VGV) – assigning authority to Westlink Consulting (Valuers) to undertake the revaluation for Monash.
The information is being collected by a short online rental survey. Authority for the collection of this information is contained within the Valuation of Land Act 1960. The information provided will remain confidential and will be used only for the purposes of the revaluation.
Frequently asked Questions (FAQ)
The cooperation of City of Monash ratepayers in the provision of this information is greatly appreciated. Should you have any queries in relation to the survey please contact the Westlink market data team on MD@westlinkconsulting.com.au
Read also: Can I object to my property's valuation?
How are properties valued?
Valuers assess a Capital Improved Value (CIV) for each property. This takes into account the total market value of the land plus buildings and other improvements.
When working out the value of your property, valuers will analyse property sales and rents and look at the type of property and its features. Information on properties is compiled through inspections, building and planning permits and other public sources.
How valuations affect rates
The amount you pay in rates is partly determined by your property's value.
Council increased overall rates revenue by 3.50% in the 2023/24 financial year, complying with the State Government's Rate Income Cap.
Read more: How rates are calculated.