City of Prospect has been identified to be included in Stage 2 of the Office of the Valuer-General’s Revaluation Initiative project, to be in place for the 2020-2021 financial year.
The City of Prospect (Council) adopts and uses the capital valuations provided by the Office of the Valuer-General (OVG) for the calculation of council rates each year. The OVG is an independent Statutory authority, and their role is to provide fair and equitable valuations for properties in South Australia in accordance with the Valuation of Land Act 1971. Other organisations that utilise the OVG valuations are SA Water & Revenue SA.
In preparation for the 2020-2021 rating year, the OVG will be undertaking a citywide review of property valuations. The purpose of this is to have more accurate valuation data for individual properties so that organisations such as Council have greater accuracy in their comparative rating.
Council is not yet aware of the impact on individual properties, however we want to make sure that we keep our ratepayers informed of the project. We will continue to work with the OVG in the coming months to identify the impact on our ratepayers.
When will I find out if I am affected?
You may receive a letter from the OVG directly if your valuation changes significantly. Council will make our best effort to contact the owners of properties whose valuations have changed as a result of this project. Otherwise, your rate notice issued in July 2020 will provide formal notification of your new valuation for the 2020-2021 financial year.
Why has my value changed?
The OVG in conjunction with Land Services SA (LSSA) undertake approximately 1,850,000 valuation each year. They are reliant on the information available. The recent enhanced data collection and review allowed for an improvement in information which improved accuracy in valuations. Changes to land zoning, the physical nature of the property or market trends can also impact the value.
If your property value is now much higher/lower, it is not because you are now over or under valued, but rather it is now at a more accurate level.
Will this project effect my Council rates?
Not necessarily. Until we receive the new valuation data from the OVG we won’t know the impact on ratepayers. As normal, Council will undergo a full analysis of rate modelling during the Budget setting process. Council’s budget is usually adjusted annually to ensure continued service to our community. So whilst your value has increased, the rate in the dollar charged with regard to that value may drop.
If my Valuation changes, will previous year’s rates be changed?
No, any changes to the valuation data will be from 1 July 2020 only.
What if I don’t agree with my valuation?
Your right to object to your valuation has not changed. Once you receive your annual rate notice in July 2020, refer to the back page which provides that you have 60-days to lodge a written objection to the OVG.
What if my valuation goes up but I cannot afford to pay my rates?
Council offers flexible payment arrangements to all ratepayers. If anyone is experiencing any difficulties paying their council rates, you are encouraged to contact the Rates Officer for a confidential discussion.
How do I get more information?
Council will continue to inform ratepayers as we receive information from the OVG on this page.
The Office of the Valuer-General can be contacted directly on 08 8423 5000 or visit www.dpti.sa.gov.au/land/ovg.