About rating valuations
A rating valuation is a three-yearly assessment of a property's value in relation to current market values – a snapshot of the market as at 1 September 2015. The next revaluation is in 2018.
Quotable Value (Council’s valuation service provider) determines the value by looking at the selling price of similar properties in the area. Valuations do not include chattels such as carpets, drapes or light fittings.
A few weeks after revaluations are done, you will receive a print rates valuation notice in the post. If you disagree with the value, you can object.
To see a property valuation, use Property Search and click on the Valuation and rates summary link.
A new valuation shows in your Rates Assessment Notice when the rating year starts on 1 July 2016.
To provide fair transparent property rates, we use standard rating valuations governed by the Rating Valuation Act 1998 and audited by the Office of the Valuer-General.
Your valuation components
The capital value is the probable price that would be paid for the property at the valuation date. It’s the total of the land value and improvements value – the total value of your property. It doesn’t include chattels, stock, crops, machinery or trees. Residential values include GST, other property types do not.
Land value is the probable price that would be paid for the bare land at the valuation date. It includes any development, such as drainage, excavation, filling, retaining walls, reclamation, grading, levelling, vegetation clearing, soil improvement, or protection from erosion or flooding.
Improvement value is the difference between the capital value and the land value. It reflects the value of the property’s buildings and other structures.
Objecting to your valuation
If you are unhappy with your Rating Valuation, you can lodge an objection with Quotable Value. The objection process and timeframes are on QV’s website or on the back of your rating valuation notice. If you don't meet the objection deadline, Quotable Value will consider your concerns in the next revaluation.
You can object in the few weeks after a revaluation, or if you’ve improved your property and received an updated rating valuation. During the revaluation objection period some reports from Quotable Value are free of charge. Quotable Value will review the objection and send a revised rating valuation notice if they think the value should change. You can pay Quotable Value to do an immediate revaluation at any time and any amended valuation will be used for the next rating year.
Between three-yearly revaluations, we send details of all building consents to Quotable Value, so improvements being made can get included in the valuation.
Before 1 July or when renovation work is complete, Quotable Value checks the property and amends the valuation to include the work. If the project is not complete before 1 July, values will be re-assessed to include work completed at that point and checked each year until finished. You will receive a notice reflecting the revised value. This notice supersedes any previous valuations.
If you've done major work on your home that didn't need consent, e.g. rebuilding a kitchen, you can contact Quotable Value to include the improvements in the next revaluation.
For more information on rating values, visit QV’s website or download “Understanding your Rating Value”. You can also email email@example.com or phone 0800 786 822 to talk to Quotable Value directly.