2020 Property Valuations during the time of CoronavirusWith most Victorian Council Rate Notices for the 2020-21 year currently being issued, we thought it timely to make you aware to take particular notice of the unimproved values noted therein. In particular, as such valuations will be adopted by the Victorian State Revenue Office for the 2021 Land Tax Assessments |
The timing of the market valuation is importantWe note that property valuations in the Victorian Council Rate Notices will have been assessed prior to the current COVID-19 pandemic. Clearly the overall negative economic impacts of the pandemic may in turn have impacted the current value of your property (as at August 2020).
For this reason, we recommend you carefully review your Victorian Council Rate Notices to ensure that a reasonable amount has been so assessed given the potential impact of COVID-19. Please contact your Lowe Lippmann Relationship Partner if you wish to discuss this matter further. |
How to object to your valuation?If you disagree with the unimproved valuation of your property listed on your council rate notice, you are entitled to lodge an objection directly with your local council. Generally, an objection must be in writing and made within two months of being issued your Victorian Council Rate Notice. The objection should state your estimated market value of the property and the grounds on which you are objecting (explained below). It is highly recommended that your objection include a valuation from a registered valuer.
We must note that objections based on the impacts of coronavirus (COVID-19) will not be considered for assessment notices with a valuation date of 1 January 2020 (or earlier). |
What are the grounds for making an objection?The acceptable grounds for objections include the following:
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Please do not hesitate to contact your Lowe Lippmann Relationship Partner if you wish to discuss any of these matters further. |
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