Valuations & Objections
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Why are valuations important?
It provides a new market value for your property – these property valuation are now far more relevant and useful as they more closely reflect current market values. There are new market relativities – this is important because market changes help determine individual property rates and charges. (The new valuation of a property is compared with the new valuations of all the other properties).
The Valuer-General Victoria introduced standard property data requirements for councils, under the initiative known as Valuation Best Practice.
Only qualified valuers – professionals holding recognised tertiary qualifications and with the required practical experience – can perform municipal valuations. They are required to operate under the highest standards of professionalism and ethics – for example, all valuers must declare impartiality before undertaking valuations and undertake to perform all valuations to the best of their ability and judgement.
Valuing a property
Data obtained for each property is determined under Valuation Best Practice guidelines and includes things such as:
- Land area.
- Building size.
- Building condition.
- Construction material.
- Available services.
- Land classification (usage) and zoning etc.
Data is compiled on each property over time, through inspection, building and planning permits and other public sources.
The valuer builds a profile of value levels for each different area/property type by analysis of recent sales and leasing. This information is then applied to individual properties, taking into account the different characteristics of each property.