Property Revaluations - City of Hobart
A revaluation of properties in the Hobart muncipal area by the Valuer-General has recently occurred.
In May all property owners in the Hobart municpal area will receive a Notice of Valuation from the Valuer-General, which will set out the new property valuations.
Council will use the new property values as the basis for calculating 2015/16 rates.
For more information regarding your property valuations please contact the Office of the Valuer General on tel: 03 - 6165 4444 (Option 2) or Email: email@example.com
All properties within the Hobart Municipal area are valued by the Valuer General in accordance with the Valuation of Land Act 2001 to determine a property's land value, its capital value and its assessed annual value.
The assessed annual value (AAV) of a property is the estimated yearly rental value of the property.
Land value is the value of the property excluding all visible improvements such as buildings, structure, fixtures, roads, etc.
Capital value is the total value of the property and includes the land value.
Planning a change or alteration?
If you are contemplating any change or alteration to your house, including extensions, demolitions or even building a new house, an important step in the process is to find out whether your proposal requires Council planning, building or plumbing approval prior to the commencement of work.
The Government Valuation Office undertakes revaluations for any change or alteration to your property. Once Council has been notified of these changes and approval given, the Government Valuation Office will be notified to revalue the property and an updated rates notice will be issued.
How are your Rates calculated?
The value that is directly relevant to your rates is the assessed annual value (AAV) or, put simply, the estimated yearly rental value of your property (net of GST, tax and Council rates).
If you do not agree with the AAV of your property, an objection may be lodged with the Office of the Valuer-General. The lodgement of an objection however does not alter the requirement to pay rates when due.
Hobart underwent a revaluation in 2008 and the calculated AAVs were applied from 1 July 2009.
The Valuer-General has recently published adjustment factors to apply from 1 July 2013 and as a result, property values within the Hobart municipal area have been updated.
Council calculates the majority of the total rates charged on your property by multiplying the AAV by a rate of 'cents in the dollar'.
The cents in the dollar is derived by dividing the rating income required by Council to deliver its services (determined by Council's budget) by the total of all AAVs in Hobart.