Is there a connection between a property's market value and council rates valuation?

Yes, there is a connection, but council rate valuations don’t typically use accepted methodologies to meet the ATO market value definition for SMSF reporting requirements. Council rates valuations usually form part of a general valuation process, applying a mass appraisal approach. These rates notice alone won’t clearly provide supporting data, so they would not meet the ATO guidelines. It’s recommended to seek professional advice when dealing with property valuations and related taxes.