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About valuations in Victoria

Valuations for council rates, Emergency Services Volunteers Fund levy and land tax are made annually in accordance with the Valuation of Land Act 1960. They are undertaken, or overseen, by the Valuer-General.

Valuations for rates and land tax are used to fairly distribute council rates to ratepayers. They are also used by the State Revenue Office as the basis for the collection of land tax and the Emergency Services and Volunteers Fund levy (formerly the Fire Services Property Levy).

Types of Valuations

The types of value used in Victoria are:

  • Site Value (SV)

The SV is the value of the land only, and assumes the land is vacant with no improvements (such as buildings).

  • Capital Improved Value (CIV)

The CIV is the assessed market value of the property including both land (SV) and all improvements (such as buildings).

  • Net Annual Value (NAV)

The NAV for residential and primary production properties is 5% of the capital improved value.

NAV for non-residential properties is the greater of either:

  • the estimated annual market rental of the property minus all legislated expenses to maintain that property (except council rates)

OR

  • 5% of CIV

SV, CIV and NAV are defined in the Valuation of Land Act 1960.

These valuations can also be used by other rating authorities (e.g. for the purpose of fairly distributing water charges).

The Valuation Best Practice Specifications Guidelines (VBPSG) are available for download below. The VBPSG includes detailed guidance on the content, quality and requirements for the general valuation each year. An updated VBPSG is published at the start of each revaluation period and is the legislated framework to be used statewide by valuers, the Valuer-General and rating authorities.

The role of the Valuer-General

From 1 July 2018, the Valuer-General became responsible for annual valuations of all land in Victoria for council rates, land tax and the Emergency Services and Volunteers Fund (formerly the Fire Services Property Levy).

Download resources

Valuation Best Practice Specifications Guidelines (VBPSG) 2027

Australian Valuation Property Classification Codes (AVPCC) 2027

Valuation Best Practice Specifications Guidelines (VBPSG) 2026

How to contact us

Please visit our contact us page or email valuation.authority@transport.vic.gov.au.

Read more about valuations

Page last updated: 07/07/26