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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. Prior to the 2023 general valuation, the Valuer-General or individual municipal councils were responsible for determining the valuations.

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:

Download guidelines:

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).

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: 21/06/24