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About valuations in Victoria
Valuations for council rates, fire services property 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.
Rating valuations are used to apportion (fairly distribute) council rates to ratepayers. They are also used by the State Revenue Office as the basis for the collection of the fire services property levy and land tax.
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 per cent 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)
- 5 per cent 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 apportioning water charges).
The Valuation Best Practice Specifications Guidelines details the valuation principles and methodologies and is updated at the start of each revaluation.
The role of the Valuer-General as the valuation authority
Amendments to the Valuation of Land Act 1960 mean that from 1 July 2018, the Valuer-General became the valuation authority for annual valuations of all land in Victoria for council rates, land tax and the fire services property levy.
Individual council opt-out transition provisions, up to and including the 2022 general valuation, are no longer available and from 1 July 2022, the Valuer-General is the valuation authority for all 79 councils in Victoria.
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Page last updated: 16/09/22