The market has changed, why hasn't my valuation reflected this?

Property valuations for rating purposes are dated on 1 January each year. Rate notices are issued around 8 months later.   

While the market may have changed a lot during this time, your valuation is based on property sales leading up to the valuation date of 1 January and any market changes between 1 January and when rates notices are issued are not taken into account until the next financial year.