A valuation is the determination of the economic value of an asset.

In local government the term "Valuation" is often used to describe the valuation of an entire class of assets.

Asset valuations can be performed in a number of ways, including by determining the market value of similar assets, or by applying unit rates to known quantities of assets.

Who can carry out a valuation?

Land and market based building valuations should be done by valuers/professionals experienced in determining the correct (justifiable) value.

In most cases, non market based valuations can be done by suitably experienced council staff, providing they demonstrate their logic and their results are unbiased, although it may be a State Government requirement to use registered valuers for certain asset types.

Which systems of valuing land may a Council use?

Section 157 (1) of the Victorian Local Government Act 1989 states that: "a Council may use the site value, net annual value or capital improved value system of valuation."

Related Pages


The following site members have contributed to this page:

External Links & References

  1. Queensland Treasury Valuation of Assets Policy
  2. Wikipedia
  3. Who's Who in Victorian Valuation Best Practice
  4. Valuation and depreciation - A guide for the not-for-profit and public sector under accrual based accounting standards
  5. Google Search
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