City of Melbourne heritage properties updateAs part of the 2016 biennial revaluation, heritage registered properties in the City of Melbourne have been assessed in accordance with the provisions of Section 2(8) and 2(9) of the Valuation of Land Act 1960. The valuations shown on the 2016-17 valuation and rate notice have been assessed as at the levels of value as at 1 January 2016.The City of Melbourne’s valuers have assessed the capital value improved value of heritage registered properties by directly comparing each property with market evidence of similarly affected properties. The assessed ‘value of improvements’ has been deducted from the capital improved value to arrive at the site value.The City of Melbourne has acknowledged that the determination of the added value of improvements is a contentious one due to varying interpretations of the legislative provisions of the Valuation of Land Act 1960.The Property Council will be engaging with the Council in the coming days regarding the valuation of heritage properties for the 2016 revaluation. If you would like to provide feedback regarding your valuation, please contact the policy team on 96 8300. Further information is also available on the City of Melbourne website.
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