Valuation of Land Regulations 2024 (Vic)

Version No. 001

Valuation of Land Regulations 2024

S.R. No. 93/2024

Version as at

27 September 2024

TABLE OF PROVISIONS

Regulation  Page

1Objective

2Authorising provision

3Commencement

4Revocation

5Definition

6Oath or affirmation of fidelity and secrecy

7Prescribed form of returned valuations

8Prescribed form of return of valuations

9Prescribed information for objections

10Prescribed amount for certain objections

11Prescribed information to be given by the valuer

Schedule 1—Oath or affirmation of fidelity and secrecy

Schedule 2—Information required for objection to valuation under section 16(2)(a) of the Act

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Endnotes

1      General information

2      Table of Amendments

3      Explanatory details

Version No. 001

Valuation of Land Regulations 2024

S.R. No. 93/2024

Version as at

27 September 2024

1Objective

The objective of these Regulations is to prescribe certain matters for the purposes of the Valuation of Land Act 1960.

2Authorising provision

These Regulations are made under section 52 of the Valuation of Land Act 1960.

3Commencement

These Regulations come into operation on 27 September 2024.

4Revocation

The Valuation of Land Regulations 2014[1] are revoked.

5Definition

In these Regulations—

the Act means the Valuation of Land Act 1960.

6Oath or affirmation of fidelity and secrecy

For the purposes of section 3A(3)(b) of the Act, the prescribed oath or affirmation of fidelity and secrecy is the oath or affirmation set out in Schedule 1.

7Prescribed form of returned valuations

For the purposes of section 13DH(1) of the Act, a returned valuation is in the prescribed form if it contains—

(a)data, text or images able to be stored and transmitted electronically; and

(b)the information required to be contained in a valuation record by the Valuation Best Practice Specifications Guidelines; and

(c)the information required to be contained in a report of general valuation by the Valuation Best Practice Specifications Guidelines.

8Prescribed form of return of valuations

For the purposes of section 13O(1) of the Act, a valuation is in the prescribed form if it contains—

(a)data, text or images able to be stored and transmitted electronically; and

(b)the information required to be contained in a valuation record by the Valuation Best Practice Specifications Guidelines; and

(c)the information required to be contained in a report of general valuation by the Valuation Best Practice Specifications Guidelines.

9Prescribed information for objections

For the purposes of section 16(2)(a) of the Act, the prescribed information is the information set out in Schedule 2.

10Prescribed amount for certain objections

For the purposes of sections 16(3A)(b) and 20(1)(b) of the Act, the prescribed amount is—

(a)a net annual value of $240 000; or

(b)a site value of $3 000 000; or

(c)a capital improved value of $4 000 000.

11Prescribed information to be given by the valuer

For the purposes of section 20(2) of the Act, the prescribed information is—

(a)the address of the land; and

(b)the rating authority's property reference number; and

(c)details of the land and improvements; and

(d)a description of the valuation approach including, if appropriate, any sales or rentals relied on; and

(e)a response to the information contained in the objection, if appropriate.

SCHEDULE 1—OATH OR AFFIRMATION OF FIDELITY AND SECRECY

Regulation 6

OATH OF FIDELITY AND SECRECY

I, [insert name] of [insert address] swear (or promise) by Almighty God (or the person may name a god recognised by the person's religion) that I will truly and faithfully perform any duties carried out under the Valuation of Land Act 1960 to the best of my skill and knowledge, and that I will not divulge or communicate any matter coming to my knowledge in relation to any books, documents or papers inspected for the purpose of making a valuation pursuant to the Act or any other matter coming to my knowledge in the performance of my duties to any person except for the purpose of carrying into effect the provisions of the Act.

AFFIRMATION OF FIDELITY AND SECRECY

I, [insert name] of [insert address] solemnly and sincerely declare and affirm that I will truly and faithfully perform any duties carried out under the Valuation of Land Act 1960 to the best of my skill and knowledge, and that I will not divulge or communicate any matter coming to my knowledge in relation to any books, documents or papers inspected for the purpose of making a valuation pursuant to the Act or any other matter coming to my knowledge in the performance of my duties to any person except for the purpose of carrying into effect the provisions of the Act.

SCHEDULE 2—INFORMATION REQUIRED FOR OBJECTION TO VALUATION UNDER SECTION 16(2)(A) OF THE ACT

Regulation 9

Information required for objection to valuation under section 16(2)(a) of the Act

Part A

A1For each valuation objected to

1.The address of the land.

2.The rating authority's land reference number.

3.The name of the objector and whether that person is an owner and/or occupier.

4.The postal address (if different to the address of the subject land) or email address of the objector.

5.The telephone contact details of the objector.

6.The area of the land in square metres or hectares.

7.The date of lodgement of the objection.

8.The value or values for which an objection is being lodged.

Part B

B1For land classified as residential land

1.The description of the dwelling including the area in square metres.

2.The details of any structural improvements erected on the property.

B2For land classified as commercial or industrial land

1.The gross area of any buildings on the land in square metres.

2.The lettable area of any buildings on the land in square metres.

3.The nature of occupancy of any building on the land.

4.The commencement date and term in years of any lease relating to the land.

5.The actual net and/or gross rent payable per year, as specified in any lease.

6.The details of rent reviews specified in any lease.

7.The details of any incentives provided by the lessor in relation to the letting of the land.

8.The details of any outgoings relevant to the lease and the name of the person responsible for those outgoings.

9.The number of car parking spaces on the land or associated with any lease relating to the land and the annual rent payable for those spaces.

10.The details of any fixed plant.

B3For land classified as rural production land

1.A description of the major soil types and topographical features on the land with the area of each type in hectares.

2.The details of the type and extent of any vegetation or planting found on the land with the area of each type in hectares.

3.The details of the existence and extent of any irrigation including details of user permit and access rights, and any dam and bore licences.

4.A description of the fencing, pastures and water supply on the land.

5.The details of any leases or licences for unused roads or water frontages.

6.A description of the main dwelling on the land (if any).

7.A description of any additional dwelling or other structural improvements to the land including any fixed plant.

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ENDNOTES

1   General information

See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.

The Valuation of Land Regulations 2024, S.R. No. 93/2024 were made on 17 September 2024 by the Governor in Council under section 52 of the Valuation of Land Act 1960, No. 6653/1960 and came into operation on 27 September 2024: regulation 3.

The Valuation of Land Regulations 2024 will sunset 10 years after the day of making on 17 September 2034 (see section 5 of the Subordinate Legislation Act 1994).

INTERPRETATION OF LEGISLATION ACT 1984 (ILA)

Style changes

Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.

References to ILA s. 39B

Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.

Interpretation

As from 1 January 2001, amendments to section 36 of the ILA have the following effects:

•     Headings

All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule.  Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms. 
See section 36(1A)(2A)(2B).

•     Examples, diagrams or notes

All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule.  Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule.  See section 36(3A).

•     Punctuation

All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule.  Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).

•     Provision numbers

All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001.  Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs.  See section 36(3C).

•     Location of "legislative items"

A "legislative item" is a penalty, an example or a note.  As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision.  For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision.  See section 36B.

•     Other material

Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule.  See section 36(3)(3D)(3E).

2   Table of Amendments

There are no amendments made to the Valuation of Land Regulations 2024 by statutory rules, subordinate instruments and Acts.

3   Explanatory details

[1] Reg. 4: S.R. No. 148/2014.