Property valuations and objections

Each year, the Valuer-General Victoria provides Nillumbik Shire Council with a valuation of your property. This valuation is used by Council to calculate your rates.

There are three valuations shown on your rate notice:

  1. Site Value (SV) - the value of your land only, without improvements (such as buildings)
  2. Capital Improved Value (CIV) - the assessed market value of your property including both land (SV) and all improvements (such as buildings)
  3. Net Annual Value (NAV) - a minimum of five per cent of CIV (higher for some non-residential properties)

Council uses your property's Capital Improved Value to calculate your rates. To find out how your rates are calculated, visit understand your rates notice.

Visit the Land Use Victoria website for more information about the land valuation process in Victoria.

Land tax and vacant residential land tax

If you own a property that is not a principal place of residence, you may be liable for Land Tax. Furthermore, landowners of certain properties that are vacant for more than six months may also need to pay the Vacant Residential Land Tax (VRLT).

Note: Land tax and vacant residential land tax are calculated and collected by the State Revenue Office, not by Council. Any enquiries should be forwarded to the State Revenue Office.

Land tax

Land tax is an annual tax based on the total taxable value of all the land you own in Victoria, excluding exempt land such as your home (principal place of residence).

It is calculated using the Site Values (determined by the Valuer-General Victoria) of all taxable land you owned as at midnight on 31 December of the year preceding the year of assessment. 

You may have to pay land tax if you own, either individually or jointly with others:

  • investment properties, including residential rental properties
  • commercial properties such as retail shops, office premises and factories
  • holiday homes
  • vacant land.

Land tax assessments are issued by the State Revenue Office (SRO) to the owner of the land between January and June each year. 

To learn more, visit the land tax page on the State Revenue Office website.

Vacant residential land tax

Some landowners who pay land tax may also be liable for the vacant residential land tax (VRLT), which applies to residential land that is vacant for more than six months in the preceding calendar year.

For the purposes of VRLT, residential land includes:

  • land with a home on it
  • land with a home that is being renovated, or where a former home has been demolished and a new home is being constructed
  • land with a home on it that has been uninhabitable for two years or more.

Residential land does not include commercial residential premises, residential care facilities, supported residential services or retirement villages.

Unimproved residential land (land without a home on it) in metropolitan Melbourne that has remained undeveloped for at least five years and is capable of residential development may attract vacant residential land tax from 1 January 2026 onwards.

Vacant residential land tax is assessed by calendar year (1 January to 31 December) and the owner of the property is liable for it. However, vacant residential land tax for any year is assessed on the previous year’s occupation of the property. For example, vacant residential land tax in 2025 is based on a property’s vacancy in 2024 calendar year.

You must notify the State Revenue Office by 15 January if you own residential land and it is vacant for more than six months in the preceding calendar year.

To learn more, including how to notify, visit the State Revenue Office.

Supplementary valuations

In certain circumstances, valuations are conducted between annual valuations. These are known as supplementary valuations.

A supplementary valuation is required when a property is:

  • physically changed, for example, when buildings are altered, erected or demolished
  • amalgamated
  • subdivided
  • rezoned
  • portions are sold off.

If a supplementary valuation is done on your property and the property value changes, Council will send you a notice about amended rates and valuations.

Objecting to a valuation

If you have any questions about the value of your property as shown on your rate notice, find out how to lodge a formal objection.

Contact us

Call

9433 3111

 

Email

nillumbik@nillumbik.vic.gov.au

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