Revaluation of District complete
Rating valuations are completed every three years and are legislatively driven.
Properties are valued using a mass appraisal system and objections are allowed free for a short period.
The rating valuation is based on the market value of a property at a particular point in time. It cannot be taken as a market valuation or used for insurance purposes.
While rating valuations are based on market sales, they are a snapshot of the property market at a single point in time. As real estate has generally tended to fluctuate over time, a rating valuation cannot be expected to represent the true value for long.
Sale prices usually include chattels, while rating valuations do not include chattels.
It is not feasible to inspect every property in the district nor is it considered necessary.
Quotable Value NZ & Council hold individual details about each property, which may include plans of the main improvements, age, materials, floor area, construction type, and other on-site improvements.
The revaluation of the district has now been completed by Council’s Valuation Service Provider, Quotable Value NZ. The valuation process and results have been audited by the Valuer General.
When will we be notified?
Land-owners will be receiving their rating valuation notices from next week.
The new rating valuations are dated as at 1 September 2013, and will take effect for rating purposes from the start of Council’s new financial year, 1 July 2014.
The revaluation is performed every three years and Council uses these rating valuations for the purposes of calculating the rates each property is to pay.
Council publishes the proposed rates charges for the coming year in Council’s Annual Plan, after consideration of public submissions, and is adopted in June of each year.
So how does this affect my rates?
It is important to note that an increase in land value does not automatically mean that there will be an increase in rates.
Broadly speaking, what will affect the amount of the general rates that an individual pays from next rating year will be how much the value of the property has moved in comparison to others within the particular rating category in which the property is rated.
The Uniform Annual General Charge and Targeted Rates are set charges and will not be affected by changes in land value.
So what is the process if we disagree with the Valuation?
The notice of valuation that each landowner is about to receive is an important document and should not be treated lightly.
It is important to note that any objection to the values accorded to a property are made in time.
Objections can be made on-line at www.qv.co.nz or by uplifting an objection form from the Council office. This objection form must be lodged with Quotable Value by 5 December 2013.