Understand your new rating value

Date: 10 October 2016

Each year around one third of New Zealand homeowners receive a new rating value for their property.   This happens because councils must keep the information they use to allocate rates up-to-date, and this year, QV has been contracted to reassess the rating values of 21 councils.  Check here to see if your council is part of the revaluation this year.

If you own a property in one of the revaluation areas, you’ll receive a letter with your property's new rating value sometime between September - December 2016.  What will this look like?

The effective date of your rating value is the date that your home’s rating value was re-assessed.  Your council rates aren’t effective from this date; council rates will be effective from 1 July 2017. 


Your rating value reflects the likely price your property would have sold for on the effective date (not including chattels e.g. curtains and appliances).  Rating values are one of the factors councils use to allocate your rates.

How are rating values are calculated?

Rating values are independently audited by the Office of the Valuer General. Rigorous quality standards need to be met before a revaluation is confirmed.

If your new rating value has changed that doesn’t necessarily mean that your rates will change, it depends on your council’s requirements and how rating values have changed over the rest of the area.

If you disagree with your rating value, you have the right to make an objection to it.  How do I object?

Each district or city has different objection close-off dates so you’ll need to check online or on the notice you were sent with the new rating value for your close-off date.  You can object online, or call 0800 787 284 to request an objection form.

In with your new rating value is a flyer with instructions for looking up free rating valuation and local sales reports on QV.co.nz for your area.  This information is free for residents in any revaluation area up until their objection closing date. 

Rating values are calculated on a mass appraisal basis and take into account recent, comparable sales in the area, so you can investigate on QV.co.nz similar homes to compare their rating values and local sale prices, to see how they relate to your property's rating value.  

 

 

 

Tags: rating, value, valuation, RV, CV, property


Comments:

2 Comments

Debra Ward (New Zealand)
09:19 PM 21 November 2016
Our details on our QV as at 1 Aug 2016 shows that we have 0 bedrooms and 1 bathroom - this is ridiculous. Please advise who we can talk to about getting this corrected. It has had the same amount of bedrooms and bathrooms since it was built. Thanks.
Colin and Esther Hedges (New Zealand)
05:11 PM 16 November 2016
We shifted to 8 Marlowe dr Aug 2015 do you have any idea what work was done on this property prior to Aug 2015 or do i have to go to Waipa Council to look at their records. I suspect alot of work had been done just curious.
Thanks
Esther