Rating valuations now in February

Revaluations of all properties across the city were due to be finalised and released this month (December).  

However, the Office of the Valuer General (OVG), the government body that oversees all rating valuations, has given Quotable Value (QV) more time to work on the district’s updated rating valuations before they are set to be finalised and released to the city’s property owners.  

The short delay stems from the complexities of verifying land values in some areas with limited market sales evidence. This will require additional time testing of these values by the Valuer-General to ensure the valuations are robust and comply with statutory standards.  

Capital values, which represent the total value of properties, have faced no significant issues.  

QV operations manager James Wilson said this additional time will help to ensure greater accuracy of the city's rating valuations.  

“The OVG’s independent audit is a crucial function in the rating revaluation process. Rigorous quality standards need to be met before the new valuations will be confirmed,” he said. 

“We’re taking a small amount of extra time to thoroughly review a number of values within Wellington city before resubmitting it for audit. Due to OVG workloads, and with Christmas in the middle, that will not be until early next year now.”