The property valuations melbourne department is responsible for the preparation and updating of valuations rolls for all 20 municipalities located within the MRCT territory as well as for the unorganized territory. This work is done rigorously, in accordance with the Act respecting municipal taxation.
What Is An Evaluation Role?
Valuations turn is the catalog of all the property of a territory, representing their extent, their character and the value of each. It includes all residential, industrial, commercial, institutional and agricultural properties.
Above all, the evaluation role is a management tool. It is used to indicate the real value of properties in order to base municipal and school taxation. It is also a planning tool, since it provides a complete and detailed picture of the entire housing stock of a municipality.
Every three years, the valuations roll for each municipality must be revised in order to eliminate as far as possible the discrepancies between the observations made in the market and the values entered on the roll.
How Do I Determine My Value?
The appraiser relies on the actual exchange value on a free market to compete on a specified date (18 months before the entry into force of the roll, eg 1 July 2013 for the roll which enters into force on 1 January 2015). This value is therefore the most likely price that would have been paid for the property in a normal private sale.
To determine the real value of an immovable, the appraiser uses three recognized methods in the area of valuation:
The cost method: It is the estimation of the value of a property by the establishment of its replacement cost. This is obtained by adding the value of the land to the cost of new constructions minus the depreciations, for example the wear and tear of the building caused by its age.
The comparison method: the real value of a property is estimated from the selling price of properties with similar characteristics.
The income method: the appraiser relies on the income from industrial, commercial or multi-dwelling buildings, taking into account operating costs such as taxes, insurance, maintenance, etc., Discount, which indicates the market value of a stabilized year of income.
To view the land valuations roll, click here: property valuations Melbourne
What Is The Difference Between The Property Valuations Roll And The Tax Bill?
The property valuation roll is an inventory of the properties in the territory that indicates the value of each property on the basis of its real value and the conditions of the real estate market on a given date. The tax bill establishes the revenue to be collected on each property by multiplying the municipal valuation of a property by the municipal tax rate.
Why Should I Visit My Property?
To assist him in his work, the assessor uses an inspector technician whose main task is to carry out the physical surveys of the properties by visiting them.
It highlights everything that helps to establish the real value of the property. He takes measurements, makes a sketch of the building, specifies the materials from inside and outside, takes photographs and notes the characteristics of the site.
There are several reasons for inspecting a property:
Work has been carried out following the granting of a building or renovation permit;
The property was sold: in the months following the transaction, the appraiser must ensure that the description of the immovable appearing in his records corresponds to the immovable sold;
The Municipal Taxation Act obliges valuation services to ensure at least once every nine years that the data in its possession is accurate.
This is why free access to your property is important: the representative of the municipal assessor must be able to visit it, examine it and ask you some questions to complete your file. When he presents himself to you, he will be provided with a piece of identification.
If you are absent during his visit, he will leave a card to let you know of his visit. If necessary, he will tell you to contact him to make an appointment.
How can I challenge my value on the valuation roll?
A taxpayer who wishes to contest an entry on the valuation roll may apply for a review in the first year of the three-year roll only, unless he makes changes to his property and a new valuation is made. In this case, only the modified elements can be the subject of a request for revision.
A first step without charge: contact us
Before initiating a formal application for review, evaluation staff are available to meet with taxpayers at no cost to review their valuation file at the RCM office. However, it is preferable to make an appointment.
To introduce a formal procedure.
1. Respect the deadlines: You have until May 1st of the first year of the triennial role to make a request for revision. In the case of a change in value brought by a notice of variation, the application must be filed within 60 days of receipt of the notice.
2. Complete the mandatory application for revision and file it in person or by registered mail.
The law stipulates that the request for review must state the reasons for the request. These are the arguments that the applicant wishes the evaluator to consider at the time of the review. If there is insufficient space on the form, it is possible to attach a document setting out these grounds.
Note: The amount of taxes payable is not a reason for requesting a review of the valuation roll.