09 August 2019
The market value of your property is used to calculate your rates and this year there are 2 changes to the way this is being done.
- 1. This is the first year that property valuations have been centralised by the State Government, with the Valuer-General responsible for property valuations instead of local councils.
- 2. Property valuations are also now being undertaken every year, as at 1 January, rather than every 2 years.
This year, from the Valuer General’s property valuations, we have seen an average decrease in property valuations of 13.2% in Manningham. Generally, property valuations in the west of Manningham have dropped by more than those in the east, however this has not been consistent across the municipality.
Under the State Government’s rate cap, Manningham, and all councils in Victoria, must keep the average rate increase of all properties to 2.5%. This cap applies to overall rate revenue collected by Council, not your individual property. This means, depending on your individual property valuation your rates may go up by more or less than 2.5%.
As a guide, if your property valuation:
- has decreased by the average of 13.2 % from last year, your rates will go up by 2.5%
- has increased, hasn’t changed or has decreased by less than 13.2% from last year, your rates will go up by more than 2.5%
- has decreased by more than 13.2% from last year, your rates will go up by less than 2.5%.
For more information, visit property valuations.