The City of Casey is reminding residents what to expect on their 2018/19 rates notice when they start to arrive in mailboxes next week.
Ratepayers should not expect their rates notice to rise by exactly the forecast inflation rate of 2.25 per cent. Council has complied with the Victorian Governments rate cap, which applies the cap to the overall increase of applicable rates and charges Council collects. The rates and charges of properties may have increased or decreased by different percentage amounts for the following reasons:
- The valuation of the property relative to the valuation movement of other properties within the municipality.
- The inclusion of other rates and charges not covered by the Victorian Government’s rate cap.
As stipulated by the State Government, Casey undertook a general revaluation with the relevant date of 1 January 2018. Under the requirements of the Valuation of Land Act 1960, Council is required to conduct revaluations of all rateable properties every two years. From 2019, the State Government will require Council’s to revalue properties annually.
City of Casey Mayor Cr Geoff Ablett said that revaluations do not generate extra revenue for Council and are undertaken in line with the State Government Valuer-General specifications, which is a legal requirement for all Councils to comply with.
“Rates are distributed across the municipality based on the individual valuations of each property. Revaluations do not alter the dollar figure that Council raises, the total combined general rates remains the same. When the total value of all properties increases the rate in the dollar is adjusted to compensate, there is no gain for Council”, said the Mayor.
“The value placed on each property by the valuer is current and closely reflects market values (as at 1 January 2018). All valuations are reviewed taking into account the latest market evidence (sales and rents) for each type of property and each area within the municipality.
“When you receive your rates notice, it is important not to add your Capital Improved Value (CIV) and Site Value (SV) together as this is not how rates are calculated.
“Rates are calculated by multiplying the rate in the dollar by the Capital Improved Value.
“The State Revenue Office uses site values to assess land tax under the Land Tax Act 2005 and to issue land tax for the same period.”
Residents have two months from the rate notice being issued to lodge an objection against their valuation. For further information on submitting an objection please contact Council on 9705 5200.