Property Valuations

Property Revaluations
2014 Property revaluations - sorted by valuation ID - please view here 
2014 Property revaluations - sorted by street name - please view here
Quotable Value Press Release for 2014 Revaluation - please view here
 

What is the valuation for?
The valuations are compiled by statute, under the Rating Valuations Act 1998, mainly as a uniform basis for levying territorial authority and regional council rates. They also serve as a useful guide for property owners and other interested parties, which is impartial and independently assessed.

How often are valuations issued?
Every property in New Zealand must be revalued for rating purposes at least once every 3 years according to the Rating Valuations Act 1998.  QV is contracted by the individual Councils to include each property’s capital value and land value for rating purposes.

How does Quotable Values assess rating values?
When the value of your property was assessed, the valuers considered a number of factors, including:

  • What properties are selling for in your neighbourhood or area
  • Profitability of possible land uses for your property, particularly rural
  • The demand to buy or rent property in your neighbourhood
  • The type of property: is it a house, townhouse, factory, shop, farm or lifestyle
  • Improvements made since the last valuation
  • Information in the existing District Valuation Roll
  • Information about residential and commercial trends obtained from market surveys
  • Information about rural properties based on completed surveys

Finally the valuers look at your property from the street, to check that it matches the information in their records and to compare it with similar properties.

The values are then subject to an audit process by the Office of the Valuer General prior to being sent to the property owners.

Do the valuations include GST?
The rating valuation includes GST, if any, for residential property. Generally in most residential transactions the parties are not registered for GST. For other property types GST is excluded.

How can they value a property without inspecting it?
The valuers conduct a significant amount of roadside inspections throughout the revaluation process. In some areas as many as 80% of properties are inspected.

It is not feasible to undertake a full inspection of every property in the district nor is it considered necessary. Individual details about the properties are already held including a plan of the main improvements, age, materials, floor area, construction type, other onsite improvements etc. The valuers receive notification of any major change such as subdivisions and building consents issued from the council and carry out roadside inspections to record other changes.

If you’ve updated your property, but the work hasn’t required a building consent e.g. a new kitchen, bathroom, deck or something else, we won’t always know about those changes and your rating value may not have been amended to reflect this.

Will this valuation increase or decrease my rates?
The three Councils will use the new valuations for setting the 2015/16 rates. An altered valuation does not necessarily mean a change in rates liability.  Council expenditure determines rates levels and rating valuations are the means to distribute the rates requirements to individual properties. Changes to rates will vary between properties depending on how much above or below the average value change they are and what general targeted and differential rates are applicable.

What rights do I have if I disagree with the valuation?
If you do not believe your current rating valuation reflects the market worth of your property as at the date of the last general revaluations, you have the right to object. Please note, objections are subject to time constraints.   The last day for objections is 15 January 2014.

In the first instance you can telephone the QV call centre on 0800 QV Rating (0800 787 284).  Often issues and concerns can be resolved without formally objecting to the valuation.

There is a form that you can complete on the QV website - http://qvgroup.qv.co.nz/rating-values-objection
Or you can write or fax Quotable Value your objection.   A copy of the objection form is available from Council Offices 28 Holloway Street Carterton.  

Send your objections to:
Valuation Objections
Quotable Values Ltd
PO Box 39818
Wellington Mail Centre
Lower Hutt 5045

Fax: 04 576 4486

Your objection will be considered and a decision made before July 2015, depending on valuers workloads and the complexity of the objection.
You’ll receive a decision letter explaining whether a decision has been made to alter the value of your property, or keep the value at the previously advised amount.
If you disagree with the decision you have 20 working days from the day you receive your decision letter.  You may request that your objection be heard by the Land Valuation Tribunal.

If you require you require a speedier revaluation you can request an Urgent Rating Valuation Review  http://qvgroup.qv.co.nz/urgent-rating-value-review (please note an Urgent Valuation Review is subject to costs)