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What is a valuation?
Rating valuations, also known as statutory valuations, reflect the fair market value at the 1st of January each year.
Valuations are determined as part of the annual general valuation process by the Valuer-General or municipal councils.
Valuations are used by council to apportion rates. They are also used by the State Revenue Office for land tax and to set the fires services property levy.
How valuations are made
Annual valuations for rates, land tax and the fire services property levy are made by a valuation authority following:
- the Valuation of Land Act 1960
- the Valuation Best Practice Specifications Guidelines
Valuations for council rates and land tax assessment notices are made by certified practising valuers on behalf of the Valuer-General Victoria (VGV). They are required to have qualifications and experience specified by the Minister responsible for the Valuation of Land Act 1960.
What valuers do
To make a valuation, valuers collect and analyse:
- Property transactions, such as sales and rental transactions
- External/internal inspection data
- Historical government property data records
- Planning permit/building permit records
- Planning (zones and overlay) information
- Property transaction statistics
- Property title and occupancy details
The information enables a level of value to be established and applied to each property within a group of properties that have similar characteristics.
Page last updated: 23/12/20