Reply: 1.1.1
From: GoAnna !
Hi Peter
My response is based on Victoria only.
>1- The CIV is $170K
>2- The land value is 80K
>
>So the question is what is the
>council
>valuation of this property?
>1- 170K + 80K = 250K ?
>or
>2- 170K ?
The valuation is $170K (CIV)
How close the valuation is to the current market value will depend upon timing and the council area you are in. Some revalue every year, some far less often. The date of the valuation will appear on your rates notice and is likely to be at least 6 months old. As I am sure you are aware they do not look inside each individual property so they will presume that your property shares the characteristics of similar homes. If your home has been recently upgraded, extended etc this is unlikely to be reflected in the council valuation. Overall the values tend to be conservative as otherwise councils receive far too many complaints and requests for revaluations.
I would imagine that if you agree to a loan based on the rates valuation that you have shortchanged yourself. I would advise checking recent sales of similar properties and speaking to local real estate agents. You may want to arrange a sworn valuation yourself with a valuer approved by the bank and if it is higher ask the bank to use this valuation instead.
Let us know how you go

)
GoAnna !
"The real measure of your wealth is how much you'd be worth if you lost all your money."