Your 3 yearly council general valuation consists of three separate numbers:
(LV) Land value - The probable price that would have been paid for just the land on the council’s 3 yearly General Valuation date. The land value includes any development work which may have been carried out, such as, draining, excavation, filling, retaining walls, and reclamation, grading, levelling, clearing of vegetation, fertility build-up, or protection from erosion or flooding. The Land Value is calculated on a freehold title basis.
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(IV) Value of improvements - This is the difference between the CV and LV values. IV doesn’t mean the value of the actual building on the land. It’s just the difference between the CV and LV.
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(CV) Capital value – Is the assessment of the probable price that would have been paid for the property if it had sold on the council’s 3 yearly General Valuation date. Capital value does not include chattels, stock, crops, and machinery, goodwill or plantation trees. It does include the Land Value, valued on a freehold title basis. The calculation includes GST (if any) for residential property and excludes GST for other property types.