Property taxes are an important source of local gove rnment finance in many western countries. Such taxes are primarily based on value although differ widely in the basis and method of valuation used. The Council Tax is the system in Great Britain of taxing residential property for local government finance and is based on capital value. The system has come under increasing criticism from those who want to reform the Council Tax system to remove inequities and to ensure that domestic property taxes are seen as fair. The UK government has announced a Council Tax revaluation to come into effect in 2007 for England; this is the first revaluation since 1991. The domestic property tax system in the Australian state of Victoria has been through major reforms to improve the credibility and fairness of the system and is perceived as successful in accomplishing this task. This paper compares the two systems. It focuses on the frequency of revaluations, the processes involved, the use of computer technology and mapping programs, as well as the privatisation of the valuation task. From this comparison it draws conclusions and makes recommendations for the way forward in the UK.