Property Valuations

Property valuations are used to calculate how much you pay in Council rates.  As of 2019 the State Government reviews valuations of all rateable properties annually.  These values are then used in the setting of the rates.

Valuations are prepared by contract valuers in accordance with the requirements of the Victorian Valuer General’s ‘Valuation Best Practice Guidelines’. 

Annual Property Valuation Flyer(PDF, 701KB)

How are Valuations Determined?

The valuers are required to provide the following three valuations:

  • Capital Improved Valuation (CIV) – the value of vacant land (site value) and any capital improvements (e.g. buildings, fencing, etc). 
  • Site Value (SV) - The land’s market value (without any improvements)
  • Nett Annual Value (NAV) – Estimate of annual rental income property would generate

All valuations are prepared as at 1st January each year.  The valuer analyses sales of similar properties in the previous 12 months to determine the market value of the property as at that date. Valuation of commercial properties is more complex and also considers the income generating capacity of the property.

The valuations are submitted to the Valuer General for review during the preparation phase and are required to be signed off as being ‘generally true and correct’.

Why doesn’t my valuation reflect the current market value?

It is important to understand that ‘Statutory Valuations’ are not the same as ‘Market Valuations’, which are done at the date of a valuation report or instruction. They also differ from ‘Mortgage Valuations’ (done for financial loaning and lending purposes) and ‘Appraisals’ (which are a Real Estate Agent’s opinion of value as a property's potential selling price, not a certified valuation by analysis).

Rating valuations are conducted annually by the Valuer-General Victoria on 1 January each year in accordance with the Local Government Act 2020. They do not do reflect market conditions after that date, so it’s important to be aware that the valuations do not move or roll with the current market conditions today.

Valuations determine the share of the overall council budget each property contributes via rates and differ from a bank or market valuation.

Supplementary Valuations

If there is a change to your property which results in a change to its value then a supplementary valuation will be undertaken. These changes include:

  • Construction of new buildings
  • Additions to buildings 
  • Improvements such as farm sheds, swimming pools etc
  • Subdivision or consolidation of land
  • Realignment of property boundaries
  • Change in land use

Supplementary valuations are prepared each month to ensure our data is up to date and you are paying accurate and fair rates. You will receive a supplementary rate and valuation notice if your property has undergone any of these changes.

For more information on revaluations, visit the Department of Environment Land Water & Planning website.

SRO Land Tax

Please note Council cannot assist with queries regarding Land Tax or the valuations used.  Please refer to your Land Tax Assessment for information and contact details for the State Revenue Office.

The State Revenue Office (SRO) charge land tax annually on the total value of all Victorian land owned by taxpayers, unless exempt for a use such as a principal place of residence, primary production, or charitable purposes.

For 2024, it is calculated using the site value of all taxable land owned at midnight on 31 December 2023.  The site value is the unimproved value of your land, which means it excludes capital improvements such as buildings. Site values are determined as part of the annual statewide general valuation process conducted by the Valuer-General Victoria

Paying Land Tax for the First Time

In 2023, the Victorian Government introduced a COVID Debt Repayment Plan, including temporary changes to land tax rates and thresholds. For taxable land holdings:

  • Between $50,000 and $100,000, a $500 flat surcharge will apply,
  • Between $100,000 and $300,000 (or $250,000 for trusts), a $975 flat surcharge will apply,
  • Over $300,000 (or $250,000 for trusts), a $975 flat surcharge will apply plus an increased rate of land tax of 0.10 percentage points.

For further information please contact the State Revenue Office.

Windfall Gains Tax

State Revenue Office

From 1 July 2023, a windfall gains tax applies to all land rezoned by the same planning scheme amendment resulting in a value uplift to the land of more than $100,000. In determining the value uplift, all land owned by the person or group and subject to that rezoning is taken into account.

Further information can be found at