How are my rates set?
Not all rates are the same. The amount you pay is based on the value of your property, so it is important that a fair valuation of your property is made. That fair valuation service is provided by the Office of the Valuer-General (OVG; State Government).
The OVG is not a part of Council and it does not set your rates. It is an independent and impartial body that provides a valuation of your property. By law, your Council then uses this valuation to help determine the level of rates payable.
How often are properties revalued?
After properties have been valued they need to be revalued on an ongoing basis. The OVG revalues properties on a cycle of 5 to 7 years. By legislation the cycle cannot exceed 10 years. Once a level of values has been set the level remains in force for the total period until the next revaluation occurs.
How is the value of a property arrived at?
Before proceeding with the revaluation OVG staff analyse all sales which have occurred recently in the locality. This reveals the market value for the sale and purchase of properties in the area. The OVG staff then apply this criterion to all other properties in the area to establish individual market values.
Furniture & fittings are NOT included in the valuation.
What happens when a new building is erected or land is subdivided between revaluation cycles?
When this occurs the OVG values the new improvements or newly created lots & enters them on the valuation roll. This is called a maintenance or supplementary valuation. The fresh or revised values are then provided to Council & the State Revenue Office.
In determining the fresh values the OVG adopts the level of values which existed at the time of the last general revaluation. This ensures similarities between property values is maintained even though the new improvements may be made several years after the last revaluation.
Will my property be inspected when valued?
When improvements are newly erected, or existing improvements are added to, renovated or significantly altered, the OVG inspects the property to properly record the changes on the valuation roll.
My Valuation Notice gives three values - what do they all mean?
The Land Value is the value of the property excluding all visible improvements such as buildings, structures, fixtures, roads, standings, dams, drain channels, artificially established trees, artificially established pastures & other like improvements. It does include drainage, clearing, timber treatment, reclamations & any other such improvements.
The Capital Value is the total value of the property & includes Land Value.
The Assessed Annual Value is the gross annual rental value of the property. This value cannot be less that 4% of the Capital Value.
Councils are able to use any of the three values to levy rates - however, all Tasmanian Councils adopt the Assessed Annual Value as the preferred value for the assessment of rates charges.
Will my rates go up if my property increases in value?
If your property increases in value because of improvements you have carried out then your rates will go up.
If your property increases in value as part of the revaluation of all of the properties in the Meander Valley then your rates will only go up if the percentage increase for your property is higher than the average increase for all properties. On the other hand if your percentage increase is lower than the average increase for all properties then your rates will go down.
Enquiries
Any enquiries regarding Rates should be directed to the Rates Officer on (03) 6393 5335.
