A State Revenue Office approved valuation must be a valuation provided in either:
- A letter of appraisal from a licensed real estate agent being no more than 6 months old, or
- A valuation no more than 12 months old provided by a certified practising valuer, who is a member of the Australian Property Institute, or from a member of the Real Estate Institute Victoria with sworn valuer accreditation.
Valuation acceptance
The Commissioner will accept a valuation commissioned by or for a financial institution for security purposes (bank valuation) provided the valuation is from a certified practising valuer, who is a member of the Australian Property Institute, or from a member of the Real Estate Institute of Victoria with sworn valuer accreditation.
The Commissioner will not accept a bank valuation equal to or less than the Capital Improved Value (CIV) as being the market value unless it is supported by:
- A letter of appraisal from a licensed real estate agent, or
- A valuation by a certified practising valuer, who is a member of the Australian Property Institute, or from a member of the Real Estate Institute Victoria with sworn valuer accreditation not being a bank valuation.
Valuation range
In cases where a letter of appraisal or sworn valuation of a property is expressed as a range, the lowest figure in the value range is accepted as the market value. For example, for a value range of $100,000 to $125,000, the lowest figure of $100,000 is accepted as market value.