How have property values changed with the 2020 Metropolitan GRV revaluation?
The Perth metropolitan valuation rolls have been delivered to local governments and rating authorities. For the first time in 20 years there has been a sustained downturn in the property market. More than 98.5% of residential property owners should see the market conditions reflected in a reduction of the gross rental value (GRV) of their property.
By law the Valuer General’s obligation is to ensure that, so far as is practicable, the values must be accurate and up to date. The metropolitan revaluation program was completed over 10 months, prior to the COVID-19 pandemic, and has a date of valuation of 1 August 2018.
The GRVs are only one factor used in the calculation of rates notices. Other factors that influence the amount payable on your rates notice are the Local Council’s rate in the dollar and council levies, which can vary each year.
For more information about how your rates are calculated view the video below.