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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 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 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 and valuation and rating authorities.
Download resources
Valuation Best Practice Specifications Guidelines 2025
Valuation Best Practice Specifications Guidelines 2024
Australian Valuation Property Classification Codes 2025
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 |
This amendment was made to pages 9 and 32 of the 2025 Guidelines published on 24 June 2024.
Reason for 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 contact emails within the Guidelines from @delwp.vic.gov.au to @transport.vic.gov.au email addresses.
This amendment was made to page 8 of the 2025 Guidelines published on 24 June 2024.
Reason for the amendment: the listed @delwp.vic.gov.au email addresses are no longer active from 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).
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: 31/10/24