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What is a valuation?

Rating valuations, also known as statutory valuations, reflect the fair market value of a property on the 1st of January each year.

Valuations are determined as part of the annual general valuation process by the Valuer-General. Since the 2023 general valuation, Valuer-General Victoria is responsible for determining valuations for all 79 councils in the state.

Valuations are used by council to fairly distribute council rates to ratepayers. They are also used by the State Revenue Office as the basis for collection of the fire services property levy and land tax.

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.

This information enables a level of value to be established and applied to each property within a group of properties that have similar characteristics.

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 Best Practice Specifications Guidelines is the legislated framework and details the valuation principles and methodologies to be used statewide by valuers and valuation and rating authorities.

For more information about valuations refer to the documents below:

Page last updated: 31/10/24