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2020 Revaluation

Valuer-General VictoriaStage 2 Template 2020

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Valuer-General VictoriaStage 2 Template 2020

Municipality Municipality

Valuer appointed under Sec13DA of the VLA

Name of valuation contractor (Individual or company) and person responsible for returning valuation under Sec 13DA of the Valuation of Land Act 1960 (The Act)

Site Manager Provide name and qualifications of valuer managing this site

Valuer responsible for site/ submission

Person/s responsible for the creation of the valuations within the submission.

Ph:

Email:

Valuation queries will be directed to the individual.

Resourcing List all valuers responsible for this Municipality during the 2020 Revaluation including qualifications and contact numbers.

Valuation Software Valuation Software utilised for 2020 Revaluation.

Level of Value Date Nominated level of value date.

Date of submission Date of submission.

Date of Last Sale Contract date of the last sale used in the analysis

In accordance with the Valuation of Land Act 1960, the 2020 VBP Specification Guidelines state that valuation authorities are required to make valuations for all rateable and non-rateable leviable land including land described under Section 20 of the Fire Services Property Levy Act 2012, as at the prescribed date of 1 January 2020.

Each separate occupancy on rateable and non-rateable leviable land must be computed at its Net Annual Value, Capital Improved Value and Site Value and be allocated a current Australian Valuation Property Classification Code (AVPCC).

Include nominated SMG’s identified as part of the Stage 1 Project Plan in this report.

4 Valuer-General VictoriaStage 2 Template 2020

1. PreparationIf this submission varies from the timelines identified in Stage 1, provide a revised project plan and include an explanation for variance and impact on the balance of deliverables (as per the stage 1 project plan).

The following SMG’s are available for review.

Inspected properties have been recorded within the valuation software and reconcile to the count below.

SMG Code

SMG Description Total. Assessments

NumberInspected

110 Name of SMGDominant Property TypeLocation (suburb, town, district)Changes to SMG since previous submission where applicable.

Total Number of Assessments:

1.1 Nominated (High Risk to Revenue) Assessments

As per the stage 1 project plan. The following assessments have been nominated for review.

Provide the header number in the assessment number field for mutiple occupancy properties such as shopping centres.

Review the nominated assessment to ensure the information analysed ie. tenancy schedules, fixed asset registers, financial statements including turnover information is sufficient to complete the valuation.

If current information is not available detail action taken to obtain the information. Outline changes applied to these valuations and justification for changes made.

Assessment Number

Property Name / Description No. of Assessments

Valuer Responsible

Date of Inspection


2. SubmissionThe sale date range used for analysis is xx/xx/xxxx to xx/xx/xxxx

Comment on why this date range was chosen.

If the date of the last sale is not within 30 days of the submission date give substantive reasons why.

Sales that include multiple assessments must be analysed and a sales ratio documented. Multi sales contained within this submission are tabled below;

Assessment Numbers Address Sale Date Sale Price Sales Ratio1221, 1222, 1223 1-3 Smiths St 1/09/2019 1000000 0.92

The rental date range used for analysis is xx/xx/xxxx to xx/xx/xxxx and the number of new rentals analysed after 1/1/2019 is xx.

Comment on why this date range was chosen.

If the date of the last rental is not within 3 months of the submission date give substantive reasons why.

Detail the source of data ie. Rental questionnaire, contact with local agents.

Applicable adjustments / allowances for incentives have / have not been applied

Provide commentary if incentives are a factor within the market place asssessed.


3. Analysis3.1 MarketProvide overview on the market characteristics prevalent within the SMG’s submitted. The overview provided must be specific to the SMG’s, ie. residential, commercial, industrial, rural and specialist, included within the submission with separate specific market commentary provided for each property type.

3.2 Site Value AnalysisDescribe how land or near-land sales have been identified.

Provide detailed commentary describing how land or near-land sales are analysed to a standard unit of comparison.

If an analysis spreadsheet (including near-land sales) outside of the valuation software is utilised a copy must form part of this submission.

Where no vacant or near vacant land sales available describe how site values in that SMG have been derived.

Provide a list of sales believed to be critical in setting the underlying land values. Also include any unique sales or sales that reflect emerging market trends. i.e. VHR sales, sales with permits etc.

Assess. No.

Address Sale Date

Sale Price

Sale Comment

Zone Land Area

Assessed Value

3.3 Added Value AnalysisProvide an overview of how improved sales are analysed to a standard unit of comparison of improvements.

If an added value analysis spreadsheet outside of the valuation software is utilised a copy must form part of this submission.

3.4 PlanningDescribe the impact of the planning scheme, or other planning issues such as permits, on the provided analysis.


3.5 Plant and Equipment If Plant and Equipment (P&E) has not been treated as a separate component within the valuation model provide a comprehensive explanation why.

Describe how P&E was assessed in the valuation of specialist manufacturing and production assessments such as power generation, food production, and petroleum / gas processing plants.

In instances where “added values” are derived using depreciated replacement cost method (contractors method) it is expected that the depreciation schedule provided within the Plant and Equipment paper is utilised in the first instance.

3.6 Heritage Registered Properties (Section 2(8))The following assessments within this submission are listed on the VHR and as a result of Section 2(8) being repealed the following valuation influences have been modified;

Assessment Number VHR No. Valuation Influence applied as result of listing or refusal

Record the percentage influenceIf no influence applied provide justification

3.7 Heritage Permit Refusal (Section 2(9))The following assessments within this submission were previously subject to Section 2(9) and as a result the following valuation adjustments have been modified;

Assessment Number Valuation Influence applied as result of refusal

Record the percentage influenceIf no influence applied provide justification

3.8 ModellingHave there been any changes to the valuation approach or methodology?

If yes, why were the changes implemented and what has been the impact on the revaluation outcomes?

Have base tables been reviewed? Has consistency of application been verified? Describe the process undertaken.

Were any changes discussed with VGV prior to implementation?


4. Analysis of Statistical Results 4.1 Tracking Graph analysis Summarise the CIV value shifts applied per SMG relative to the value shifts as indicated by the tracking graphs (below).

Tracking Graph

SMG Number of Sales

Tracking Graph start point

Tracking Graph

end point

% Change since Jan

19

% Change Applied

Indicated Under / Over-

valued

Comment

X Y

Start point on

graph

End point on

graphA

Change in

trendline

% change

applied to non sale propertie

sB

A – B Example of calculation steps.

1A 521.20 or

20%

1.45 or

45%+25% +17% 28%

under45- 17 = 28%.Undervaluation of 28%.

1B 36 0.95 or -5%

0.85 or -15%

-10% -7% 8% over

-15 + 7 = -8%.Overvaluation of 8%.

1C 151.10 or

10%

1.08 or 8% -2% -5% 13%

under8 + 5 = 13%.Undervaluation of 13%.

4.2 Excluded SalesExcluded sales have / have not been reviewed and classified in accordance with VBP 2020.

Valid justification has / has not been provided for all excluded sales. If not provide detailed reason why.


4.3 Sales Ratio Statistics Delete any table not applicable to the submission.

Listed below are the sales ratio statistics and associated commentary for Residential / Rural (where applicable) SMG’s in this submission (statistics are to be provided at SMG level and not grouped to a Market Group).

Provide statistics for SMG’s with 10 or more sales where results fall outside of tolerances.

Provide statistics for all SMG’s with less than 10 sales.

Provide detailed commentary describing sales ratio statistics results and discuss conclusions drawn for SMG’s where few or no sales exist and how levels of value were derived.

RESIDENTIAL / RURAL

SMG Code 110 111 112

No of sales 15 20 12

Tole

ranc

es

Median SR 0.9 to 1.0 0.93 0.83 0.90

COD< 10.0

8.6 12.0 14.0

PRD0.98 to 1.03

0.99 1.01 0.99

Comments Provide justification for any VBP

tolerance that is not

met.

Provide justification for any VBP


met.

Provide justification for any VBP


met.

All assessments with a SR below .85 have / have not been reviewed to ensure the data used in the valuation model is correct.


Listed below are the sales ratio statistics and associated commentary for all Commercial, Industrial and Specialist (where applicable) SMG’s in this submission.

Provide statistics for SMG’s with 10 or more sales where results fall outside of tolerances. Provide statistics for all SMG’s with less than 10 sales.

Provide detailed commentary describing sales ratio statistics results and discuss conclusions drawn for SMG’s where few or no sales exist and how levels of value were derived.

COMMERCIAL, INDUSTRIAL & SPECIALIST

SMG Code 110 111

No of sales 15 20

Tole

ranc

es

Median SR 0.85 to 1.0 0.95 0.80

COD< 15.0

20.0 13.0

MSVSR0.90 to 1.00

1.00 0.99

Comments The COD is outside of

tolerance due to a high variability of sales ratiosEach sale has been inspected

and the valuation data verified as

correct.Comments

against each of the outliers are provided within the valuation

software and the appropriate

worksheet where applicable.

The MSR statistic reveals the

undervaluation of properties within

this SMG.The sales period used meant the majority of sales used were early

in the period.More recent

sales have a SR greater than .9

and acknowledge a market decline of approximately

15% over the analysis period.

All assessments with a SR below .85 have / have not been reviewed to ensure the data used in the valuation model is correct.


4.4 Rental Ratio Statistics

Listed below are the rental ratio statistics and associated commentary for nominated SMG’s in the submission. The statistics are based on rents commencing, or reviewed to market, between xx/xx/xx and xx/xx/xx.

SMG Code No of rentals Median RR 0.85 to 1.0

Comments

111 20 0.95 Rental information derived from a range of recent lettings.

4.5 Value Shift AnalysisListed below are the results of the analysis of the submitted SMG’s with reference to the SV, CIV and NAV shifts for sale and non-sale properties that fall outside of tolerances.

Provide statistics for SMG’s with 10 or more sales where results fall outside of tolerances.

Provide statistics for all SMG’s with less than 10 sales.

Provide detailed commentary describing value shift statistics results and discuss conclusions drawn for SMG’s where few or no sales exist and how levels of value were derived.

SMG Code

Tolerances Met Comments

Difference between sale and non-sale SV shift

<10%

Difference between sale and non-sale CIV shift

<10%

Difference between rent and

non-rent NAV shift <10%

110 8 23 23

Provide justification for any VBP tolerance that is not met.If significant data changes on sale properties review non-sales and comment on data integrity of non-sales

111 14 18 18

C1 6 7 7

Individual properties with a large valuation change (greater than +/- 30% from the average SMG change) between the 2019 & 2020 Valuations (CIV, SV & NAV) were / were not reviewed.

Provide commentary explaining large individual valuation changes within this submission.


5. VBP Data ElementsThe following table identifies the key data elements to be provided in the 2020 revaluation.

Fill in each component of the table below and provide commentary / justification with reference to the exception.

Data Elements Number of Missing

Assessments

Comments

Assessment Number

Address (key address details)Unit Number (where applicable)Street NumberStreet NameStreet TypeSuburbPostcode

A valid address is required for each assessment in the prescribed format and where applicable all fields are required to be populated e.g. street suffix etc.

Standard Parcel Identifier (SPI)

Ownership Details

Land Area

Land Area Measurement (H or M)

Zoning

2020 AVPCC

Construction Material (Improved Assessments)

Construction Year (Improved Assessments) (YYYY, 1800 to this reval Year)

Renovation Year (where applicable)(YYYY, 1800 to this reval Year)

Pending Valuations (2020)Site ValueCapital Improved ValueNet Annual Value

$0 valuations not accepted

Previous Valuations (2019)Site ValueCapital Improved ValueNet Annual Value

Building Area (Improved Assessments)

All Improvements (where applicable)

GIS Number(where Assessment number does not link to the VICMAP Property Table -> PROPNUM)

Rateability (NRFSL, NRFSL-S20, NRNL, RAFSL or RANL)

Planning Overlays (where applicable)


6. Exception ReportingListed below are the exception tests required under Appendix E of the VBPSG 2020, excluding Header or Master Assessments in these tests.

Test Count Comments

* SV > CIV N/A

Any SV=0, CIV=0 or NAV=0 or blank Provide an explanation on how VBP exception, if identified will to be corrected.

Vacant land assessments with building details Provide a justification for VBP exception identified.

Vacant land with CIV/SV > 20% Provide a justification for VBP exception identified.

Improved properties with SV=CIV Provide a justification for VBP exception identified.

* NAV <5% of CIV. N/A

* VGV advise the submission is Non Compliant if these exceptions are in the submission.


7. Valuer’s DeclarationI have/have not reviewed the submission and am satisfied that it meets all the stage 2 tasks and outputs as set out in the 2020 Valuation Best Practice Specification guidelines.

Signed Signed

Name (s) Name

Person(s) undertaking the valuations Person appointed under Section 13DA of VLA


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