Valuation of Land
2014 marks the 8th biennial revaluation of Victorian properties since the introduction of the current system of revaluation in 2000. Revaluation can help to prevent large percentage shifts in property value, where long intervals occur between valuations. The Valuation of Land Act 1960 (Vic) (VL Act) permits a person aggrieved by a valuation of land to lodge a written objection with the authority giving the valuation. Grounds for objection include that:
- the value assigned is too high or too low;
- the interests held by various persons in the land have not been correctly apportioned;
- the apportionment of the valuation is not correct;
- lands that should have been included in one valuation have been valued separately;
- lands that should have been valued separately have been included in one valuation;
- the person named in the notice of valuation, assessment notice or other document is not liable to be so named;
- the area, dimensions or description of the land, including the Australian Valuation Property Classification Code allocated to the land, are not correctly stated in the notice of valuation, assessment or other document.
Under s16(2), VL Act, an objection must contain prescribed information set out in Schedule 3, Valuation of Land Regulations 2014 (Vic). These are generally set out in a Council form or notice of objection. The objection must state the grounds on which the objection is based. It also must make clear which of the valuation bases are in issue. There are three valuation bases:
- Site Value – the market value of the land, excluding improvements
- Capital Improved Value – the total market value of the land including improvements
- Net Annual Value – the estimated annual value of land or 5% of the capital improved value (whichever is greater)
Persons wishing to object to a valuation must ensure they meet the time limit for lodging an objection. The time limit varies from 2 months to 4 months. 2 months applies where notice is given by a valuation or rating authority. Where a person is aggrieved by a valuation of land, 2 months applies after notice is served by the rating authority or 4 after the date of issue of the notice, where the person is the occupier of the land and was not directly served the notice. Care must be taken to ascertain which circumstance applies in each individual case. Where the value assigned is too high, the objector is asked to state a correct value; but this amount is not binding on the objector (s16(3B) VL Act). Cameron Algie and Robert Forrester 28 November 2014
FOR A PRINTABLE VERSION OF THIS ARTICLE CLICK HERE FOR THE PDF VERSION
 However, an objection is not disallowed merely because of a failure to comply with these conditions (s16(3), Valuation of Land Act).
 cf. Section 2, Valuation of Land Act 1960 (Vic).
 Cf. Section 18, Valuation of Land Act 1960 (Vic).