Land Information Certificate -Site Value, Capital Improved Value – What does it mean ??

Dear All,

    Greatly appreciate if someone can enlighten me on these parameter from the land info cert ?

    Are these call the council valuation? if there are defined as council valuation , can we compare these to our purchase price of the property ?

    for example, we bought a property for 380K recently (Jun 2007)and I came across these when we are preparing for the settlement.

    Effective date of valuation – 01 Jul 2006
    prescribed date of valuation – 01 jan 2006
    site value 185,000
    capital improved value 280,000
    net annual value 14,000

    What are expected from these parameter ? are we expected to see those value higher or lower than purchase price of the property if there is relationship? or there is no relationship to the property price at all.

    looking forward to hear from you all to enlighten me.

thanks and cheers !
Ming