New Waitaki rating valuations – FAQs
Waitaki property owners will have received a Notice of Rating Valuation in the post or via email with an updated rating value for their property.
Rating valuations are usually carried out every three years to help local councils set rates for the following three-year period. They reflect the likely selling price of a property at the effective revaluation date, which was 1 August 2023, and do not include chattels.
Council will use these valuations as a guide for setting your rates — but it’s important to keep in mind that a change in the rateable value of your property does NOT mean rates will change by a similar percentage.
Here are some other commonly asked questions that we regularly receive about rating valuations…
Your website says my house has four bedrooms, but it only has three. Won’t that affect its rating?
Rating values are based on factual data that QV holds for each property – including floor area, land area, age of house, and construction details.
If the estimated number of bedrooms or bathrooms showing on our web site is wrong, you can sign up for a free account on QV.co.nz and update it – but it will not have an effect on your rating value.
If you think the value assessed for your property is wrong, please give our revaluation team a call on 0800 787 284 or email ratingsupport@qv.co.nz. Issues like this one can often be resolved without going to the trouble of lodging a formal objection.
The capital and land value has increased, but why has my house value dropped?
Land values and capital values are assessed independently of each other — meaning the difference between the two is effectively the value of improvements. As land values have increased at a significantly higher rate than capital values, the value of improvements (e.g. your house, other buildings, landscaping etc.) can sometimes fall.
For instance, a modest home on a large, flat section would be sought after by developers, who would likely pay little for the home if it had to be removed in order to redevelop the site.
Waitaki District Council use a balance of both the capital value and land value when setting the rates.
My rating value has gone up by a lot – does that mean my rates will too?
In a rising market, as we’ve experienced since the 2020 revaluation, it’s likely that your rating value will have increased, but it’s equally likely that everyone else’s has too. The effect on any rates change depends on how close to the average of 24% your increase was, relative to the rest of the Waitaki District.
The amount you pay is determined by a combination of factors — including the rates/services your property receives, how the Council sets its rates and the Council’s annual budget.
Rating revaluations do not generate any additional rates for council. They are used as a tool to set rates from 1 July 2024. The Council is currently in the process of reviewing its annual budget for the annual plan 2023/24 and this may change the total amount of rates that needs to be collected.
Houses in my area are selling for more (or less) now, can that be reflected in my rateable value?
No, the values were set as at 1 August 2023 — any changes to the market since then cannot be reflected in your latest rating valuation.
If I object, will I get the value I ask for?
Not necessarily. The objection decision value will be based on sales evidence around the revaluation date and may result in a value more, or less, than the contended value.
I have improved my property recently – can this be included in my valuation?
Yes, absolutely, this is one of the main reasons that people object. Add photos of these improvements to your objections, so our valuers can gain a good appreciation of what has been done.
If you do not agree with your rating valuation, you have a right to object through the objection process before 14 March 2024, the details of which can be found in your Notice of Rating Valuation.
Find out more about the rating revaluation and objection process.