New Zealand councils must keep the information they use to allocate rates up-to-date, and this year, QV has been contracted to reassess the values of 17 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 Notice of Rating Valuation with an updated rating value sometime between now and the end of the year. What will this look like?
The effective date of your rating value means the date on which 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 2016.
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.
Rating values are independently audited by the Office of the Valuer General. Rigorous quality standards need to be met before a revaluation is confirmed.
Your rating value may show a change in value, but that doesn’t necessarily mean that your future rates will change. When the council sets your rates, your rating value is expressed as a percentage of the total value of all properties in your area. If all rating values drop by the same amount, your percentage remains the same, and so do your rates, but this does depend on your council’s funding requirements.
If you disagree with your rating value you have a right to object. How do I object?
Each district or city has different objection close-off dates so you’ll need to check online or your Notice of Rating Valuation for your area’s close-off date. You can object online, or call 0800 787 284 to request an objection form.