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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% 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 apportioning water charges).
The Valuation Best Practice Specifications Guidelines (available below) 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
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 the 2023 general valuation, the Valuer-General is the valuation authority for all 79 councils in Victoria.
Notice of amendment to the 2025 Valuation Best Practice Specifications Guidelines
Nature of the amendment:
1.Amendment to the prescribed amounts for the purposes of sections 16(3A)(b) and 20(1)(b) of the Valuation of Land Act 1960. The new prescribed amounts effective from 27 September 2024 are:
| Prescribed amount for certain objections | Reg. 10 Valuation of Land Regulations 2024 (effective from 27 September 2024) | Reg. 14 Valuation of Land Regulations 2014 (effective prior to 27 September 2024) |
|---|---|---|
| (a) a net annual value of | $240,000 | $120,000 |
| (b) a site value of | $3,000,000 | $1,500,000 |
| (c) a capital improved value of | $4,000,000 | $2,000,000 |
Amendments made to pages 9 and 32 of the 2025 Guidelines published on 24 June 2024.
Reason for the amendment: To make Guidelines consistent with the new Valuation of Land Regulations 2024 commencing from 27 September 2024 and the revoking of the Valuation of Land Regulations 2014.
2.Amendment to the contact emails within the Guidelines from having an @delwp.vic.gov.au to a @transport.vic.gov.au address.
Amendments made to page 8 of the 2025 Guidelines published on 24 June 2024.
Reason for the amendment: The listed @delwp.vic.gov.au emails are no longer active due to Machinery of Government system changes finalised September 2024.
Date from which the amendments are effective: 27 September 2024.
Notice of amendment to the 2024 Valuation Best Practice Specifications Guidelines
Nature of the amendment: Insertion of a new Australian Valuation Property Classification Code (AVPCC) 627 Battery Storage Facility (Appendix A, page 83).
Reason for the amendment: To reflect amendment to the Schedule in the Fire Services Property Levy Act 2012 made on 13 December 2023.
Date from which the amendment is effective: 31 January 2024 (date of publishing).
For more information on valuations please visit:
How to contact us
Please visit our contact us page or email valuation.authority@transport.vic.gov.au.
Page last updated: 26/09/24