Time to check your valuation

Published on 22 August 2016

In line with recent reports showing an increase in the sale prices for properties across Victoria, Mildura Rural City Council has experienced an average increase of 10.3% in the total property valuations across a two year period.

Valuations are completed every two years with Victoria experiencing an overall increase of 22.4% since 2014.

Acting General Manager Corporate, Mr Parham said the valuations had a direct effect on the amount people paid in rates, with the Capital Improved Value of a property being the basis for the rate calculations.

“The total amount we collect from rates doesn’t change because valuations have gone up in value.  What is affected is who pays what proportion of the rates.  The higher the value of your property, the higher the share of rates you pay.”

Trends locally have seen residential properties increase in value between 5 – 15%, commercial property values climbing between 5 – 10% and dry-land farming properties seeing no material growth in the Millewa, but a moderate rise to some parts of the Mallee.

“The Horticultural properties have seen the highest percentage growth. This growth comes from a low per hectare base, as most properties transition out of a prolonged trough and into a recovery phase.”

With rates notices going out to ratepayers this week, Council is reminding people to check carefully and to contact Council as soon as possible if they have any issues with the revaluation of their property.

“Under the legislation, you only have two months from the date your rates notice is issued to lodge an objection to your valuation,” Mr Parham explained.  “If you think there has been an error, then we really urge you to contact us straight away.”

People who have changed addresses in the last twelve months and have not received their rates notice by the end of the week, are also asked to contact Council urgently to check their mailing address is up to date.

Further information about rates and property valuations is available online at www.mildura.vic.gov.au/Rates-Valuations or by contacting Customer Service staff on (03) 5018 8100.