Why are revaluations done?

The Valuation of Land Act 1960 (Vic) states that the Valuer-General Victoria shall be the Valuation Authority for the State of Victoria. 

The Act also states that there will be a revaluation all rateable properties within the municipality on a yearly cycle.  All properties in Victoria are revalued at the same date. 

Revaluations ensure that both the Council and the Victorian Government recognise the changes that occur in the property market, both positive and negative, and that these changes are reflected in the level of rates or land tax a landowner will pay.