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Valuer-General Victoria (VGV) performs valuations for government agencies as specified in legislation such as the Valuation of Land Act 1960.
We assist government with:
- financial reporting
- sensitive property transactions for:
- compulsory acquisition
- valuation complications
Read more in request a government land valuation.
VGV manages a Valuation Services Panel (VSP) that provides valuation advice to VGV for government agencies involved in property transaction.
Financial reporting valuations
We value government assets to enable agencies to complete their financial reporting requirements as set out under the Financial Management Act 1994.
We provide financial reporting valuation services for all asset classes, including;
- rolling stock
- cultural assets
A guidance note on fair value measurement of non-financial physical assets has been prepared for valuers and others in the state government's financial reporting sector.
Sensitive property transactions
Under the provisions of the Land Acquisition and Compensation Act 1986, land required for a public purpose can be acquired/resumed by government departments and agencies. This can be done either compulsorily or by negotiation.
The legislation sets out:
- the process to be followed
- how compensation is determined
Valuations help assess the amount of compensation to be paid for compulsory acquisitions in accordance with management of government valuations processes.
Compensation can also be paid under the provisions of the Planning and Environment Act 1987.
We assess compensation where:
- 'loss' is assessed following the sale of a property affected by an acquisition overlay, or
- a planning application is refused on the grounds that the property is required for a public purpose.
Reasons for compulsory acquisition
The state may acquire properties, either in total or in part, for the following purposes:
- new roads or freeways
- road widening or deviations
- sewerage works
- drainage reserves
VGV may use expert advice from service professionals when the land being assessed has complications relating to:
- further subdivision
- redevelopment potential
- difficulties of use following acquisition
These professionals include:
- Town planners
- Quantity surveyors
- Land surveyors
- Farm consultants
The compulsory nature and the problems that arise from the acquisition process means that there are often conflicting opinions about the values as well as the approaches.
VGV regularly holds conferences with valuers from both sides to facilitate dispute resolution.
As compulsory acquisition is a litigious area, valuers must also consider judicial precedents when deciding on valuation methodology, rationale and theory. These court precedents have helped shape the way the legislation has been written/interpreted and the outcomes of disputes about acquisition.
Compliance for government property valuations
To ensure financial responsibility by government, valuations made for government property must be:
- correct, and
All government agencies in Australia and New Zealand responsible for conducting real estate transactions must comply with the Victorian Government Land Transactions Policy and Guidelines.
For location and contact details, visit our contact us page.
Page last updated: 26/11/20