Police believe a Furphy water tank was taken from the Cemetery Rd property east of Caniambo on January 23 about 10.30am by two male offenders.
A police officer said the owner of the tank saw it on the back of a white one tonne tray ute but did not believe it was his because the wheels had been broken off the tank.
The owner returned to his property and discovered his water tank was missing and the wheels of the tank had been left behind.
Police have released an image of the stolen water tank.
Anyone with information about it can phone Shepparton police on 5820 5777 or Crime Stoppers on 1800 333 000.