All properties within Frankston City were previously valued every four years under the Local Government Act and the Valuation of Land Act. 

Commencing in the year 2000, all properties throughout Victoria are now revalued by councils at the same time every two years (as at 1 January). This follows reforms to property valuation practices in Victoria, by the State Government, including guidelines known as Valuation Best Practice (VBP). Adoption of Valuation Best Practice standards by councils has resulted in improved property data collection on a consistent basis throughout the State.

Biennial revaluations provide the opportunity for all valuations to be reviewed taking into account the latest market evidence (sales and rents) for each property sector and district within a municipality and adjustments made to property valuations where appropriate.

Your property valuation is shown on your rate notice and rates are calculated on the Capital Improved Value (CIV) method, which is based on the estimated market value of the property including any improvements.

Click on the following link: Real Estate Institute of Victoria website, to search for Median House Prices as at date of Valuation.

Notice concerning Rates and Valuations

'The State Revenue Office uses site values for the purpose of assessing land tax under the Land Tax ACT 1958. The site value of land returned at the 2008 council general valuation, which will appear on council rate notices for the next two financial years, will be used for land tax in the same period.

Therefore, any objections against the 2008 general level of valuaton must be made to local councils within the time limits prescribed under the Valuation of Land Act 1960. Further information on the use of valuations for land tax can be found on the State Revenue Office Website www.sro.vic.gov.au .'