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.

How are valuations determined?

Valuations are prepared by contract valuers in accordance with the requirements of the Victorian Valuer General’s ‘Valuation Best Practice Guidelines’. The valuers are required to provide the following three valuations:

  • Capital Improved Valuation (CIV) – the value of vacant land and any capital improvements (e.g. buildings).Note: CIV includes SV 
  • 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’.

Annual Property Valuation Flyer(PDF, 701KB)

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.

What if I don’t agree with my valuation?

You can object to your valuation within two months of the date of issue of your rate and valuation notice.  Further information can be found at

The State Government has provided Colac Otway Shire Council with information regarding the affect of COVID19 on valuations for rating purposes for the 2020-21 financial year. Please download this fact sheet for more information: COVID19-valuation-objections-Facts-Sheet.pdf(PDF, 218KB)

No late objections can be considered.

If you would like to lodge an objection, complete the relevant valuation form assigned by property type at the bottom of this page.

You can return this form in person to one of Council’s customer service centres, or via mail. The details can be found on our contact us page.

Rates - Valuation Objection Form - Residential(PDF, 225KB)

Rates - Valuation Objection Form - Rural/Farm(PDF, 308KB)

Rates - Valuation Objection Form - Commercial(PDF, 361KB)

Rates - Valuation Objection Form - AVPC(PDF, 213KB)