The valuation process
All properties in Victoria are valued on 1 January each year.
Valuations are not done by councils. Valuations are completed by certified practising valuers on behalf of the Valuer-General Victoria (VGV).
Valuations are then provided to councils to use for the calculation of rates.
How valuers calculate property valuations
Valuers must return three valuations of each property which are:
- Capital Improved Value (CIV).
- Site Value, which relates to the market value of land only.
- Net Annual Value, which is the current value of the property’s net annual rent. This is set at five per cent for residential properties, but could be higher for commercial assessments.
For more information about property valuations, please go to the Victorian Government's website.