ANGRY ratepayers have “inundated” a private valuation company after City of Ballarat rate notices came out this week.
Leader Property Practice owner Adrian Doyle said yesterday his office had been swamped with requests for properties to be reassessed.
“One lady said her property had been valued at $750,000, but she tried to sell it last year for $550,000 and couldn’t,” Mr Doyle said.
He said people wanted his company to revalue their property so they could then lodge an objection with the council.
“It helps the equation if they don’t just ring up and complain, but have already sought the advice of an independent valuer.”
Mr Doyle said it was “far and away” the most response his business has had after rate notices came out.
“We’ve had an enormous amount of inquiries, so we’ll be taking those up on behalf of our clients and see where it goes from there,” he said.
“The council will certainly address the issue if a mistake has been made.”
But Real Estate Institute of Victoria Ballarat chairman John McMahon said people needed to look at all the figures on their rates notice, not just the bottom line.
“They should ask themselves if someone wants to buy or sell their property, would they sell it for any less than the value on their notice?” Mr McMahon said.
“They need to look at the site value, the capital improved value, the net annual value and what the rate in the dollar is.”
Mr McMahon said while rates had gone up between 2 and 6 per cent on his own three properties, the rate in the dollar had actually gone down.
“Ballarat City Council needs to explain the process in which the rate is struck so people can understand it better,” he said.
“At best, it’s an inexact science.
“When they do valuations they work on a lot of factors, including historic information and the growth there has been since the last valuation was struck.”