Property values on your Valuation and Rates Notice
Capital Improved Value (CIV)
The CIV is the total market value of your property, including land (site value) plus the value of any buildings (e.g. house) or other improvements (e.g. landscaping, pool, etc).
Your site value is already part of your CIV. You do not need to add the two figures together to get your CIV.
Site Value (SV)
The SV is the value of the land itself before taking into account any buildings or other improvements.
SV forms part of the CIV.
Net Annual Value (NAV)
The NAV is the annual rental value of the property net of fixed costs and is equal to 5 percent of the capital improved value.
Some Council’s use this figure to calculate rates. However, like most Councils, Latrobe City uses the CIV method instead and the NAV does not directly affect your rates in this municipality.
How valuation works
Your property is revalued every two years by an independent and qualified valuer appointed by the Valuer-General of Victoria.
The last valuation occurred on 1 January 2016. The next valuation will occur in 2018.
Property valuations vary depending on the current market, the size and quality of building construction, improvements such as pools or landscaping and the land size and location.
All valuations are determined in accordance with the requirements as outlined in the Valuation of Land Act 1960.
If you believe your property has been incorrectly valued or classified, learn more about your right to object.
Learn more about how valuations happen.