District Revaluation

A rating valuation is based on the likely selling price (market value) of a property (excluding chattels) taken at the time of your local council’s last general property revaluation.

Rating revaluations are carried out on all properties in New Zealand, usually once every three years. They are in place to help councils apportion rates for the following three-year period.

Our valuation service provider, Quotable Value (QV), has completed our 2021 revaluation.

You can find out more about rating values and the rating valuation process on the QV website: https://www.qv.co.nz/about/about-rating-valuations/

Your Rating Valuation is made up of three components:

• Capital Value (CV) - this is what your property is likely to have sold for at the date of your local council’s last general valuation, excluding chattels. The CV is also known as the Rateable Value (RV), and was previously known as the Government Valuation (GV).
• Land Value (LV) - the most likely selling price of the bare land at the date of your local council’s last general revaluation.
• Value of Improvements (VI) - this is just the difference between the land value and the capital value. It’s important to note here that it does not mean the replacement cost of buildings and services on a property.

Quotable Value’s qualified Property Consultants combine their own experience and the latest technology to calculate a Rating Value. They’ll take into account all the factors that influence a property’s likely selling price — such as the property’s size, features and recent refurbishments.

We also take into account the value of similar properties recently sold in the local area.

Given the vast amount of properties in New Zealand, we are unable to view every single property in person, so we use a range of tools to produce the rating value.

Rating valuations are carried out either directly by your local council or on their behalf by an independent valuation service provider, such as Quotable Value (QV). STDC used QV for this rating valuation.

They are just one of a number of factors councils use to allocate rates.

No, the total amount of rates collected does not change as a result of the revaluation of properties in the District.

If you think of the rates budget like a pie. The pie doesn't get any bigger because of revaluation. Your property’s value just determines the portion of the pie that you're going to pay and ensures your portion is the same as others whose properties are valued the same as yours.

Any change to your Rating Value will not apply until 1 July 2022.

Our valuation provider, Quotable Value, will send out owner’s notices to let you know your new Rating Valuation. For the South Taranaki’s 2021 Revaluation, QV will send out all owners in mid-April 2022.

The calculation of property rating values and how they impact on rates is complex. Just because your property rating value may show a change, that does not mean that your future rates will change proportionately.

Rating values are just one component used to determine the share of the total rates paid, and the total amount of rates collected does not change as a result of the revaluation of properties in the District.

If you think of the rates budget like a pie. The pie doesn't get any bigger because of revaluation. Your property’s value just determines the portion of the pie that you're going to pay and ensures your portion is the same as others whose properties are valued the same as yours.

Put simply, your rates will be affected if your property value has increased or decreased by more or less than the average movement across the District.

If you would like to get an estimate of what your rates would be after 1 July 2022, with your new property valuation call 278 0555 or toll free 0800 111 323 and ask to speak to someone in Council's finance team.

If you feel your property’s new rating value doesn’t reflect your property’s market value as at 1 September 2021 (the date of revaluation), you have the right to object. The closing date to lodge an objection to your new rating value is 19 May 2022, as outlined on your owner's notice, which we will post out to you in mid-April.

Objections are an important part of the valuation process because they give property valuers the opportunity to assess individual factors that they may not have been aware of, and therefore had not been considered, as part of the value assessment — i.e. work on property not requiring a building consent such as kitchen or bathroom renovations.

As part of this process, a QV staff member will physically inspect your property and you’ll receive an owner’s notice shortly after to inform you of the decision made regarding your property’s rating valuation.

Yes, there is an official objections period. It is approximately six weeks from when the new rating values are released. The closing date to lodge an objection to your new rating value is 19 May 2022.

You can object online at www.qv.co.nz or call Quotable Value on 0800 786 822, 8:30am - 5pm Monday to Friday.

Alternatively you can post a personal letter to QV (instructions can be found on your owner’s notice) or download an objection form here.

In this case, you could request an Urgent Review of your Rating Valuation. This suits people who have recently completed renovations that are likely to have a substantial impact on your current Rating Valuation. You can also use this service if you simply disagree with your current RV and have missed the objection period.

With this service, a QV staff member will physically inspect your property and make a decision as to whether your Rating Valuation is accurate. Shortly after, you’ll receive another owner’s notice informing you of the decision made.

Remember, if you’ve refurbished or renovated your property, but the work hasn’t required a Building Consent – a new kitchen, for example, or a bathroom or deck – QV or your local council won’t be aware of this unless you have informed them of the change.

Note an Urgent Review of your Rating Valuation is likely to incur a cost to the property owner.

Rating Valuations reflect the likely selling price of a property (excluding chattels) at the time of your local council’s last revaluation date, with the explicit purpose of helping set council rates.

A full market valuation, on the other hand, represents the valuation of the property on the date the property was inspected. They are typically used to help guide property owners around the likely selling price of their property before it’s put out to market.

A full market valuation will offer a more comprehensive assessment of the current market value of your property. With this service, a registered valuer will visit your property and complete a full inspection of the property interior and exterior, as well as analysing recent sales in your area, to provide you with the current valuation.

As described above, a full market valuation would provide the most accurate, comprehensive and up-to-date measure of your property’s current value. QV offers this service to property owners across New Zealand.

A Rating Valuation is completed with the explicit purpose of helping to set council rates – although they also can provide a good indication of the likely selling price, as it was at the time of your local council’s revaluation period.

This may not affect the rating value, as every home requires a certain amount of maintenance to keep it in good working condition. Not all maintenance ‘adds value’ to your property, but a potential buyer would probably view your property in a more positive light as they won’t need to re-roof for another 30 years or so.

If you feel the change may have a substantial impact on your rating value, you can request an Urgent Review of your Rating Value.

All property owners are entitled under legislation to pay to have their rating value reviewed. However, any new property valuation must comply with the rules stipulated in the Rating Valuations Act 1998, and Quotable Value’s expert valuers may not agree with your real estate agent’s own valuation.

It is important to remember that the primary purpose of a rating valuation is to assist your local council with the allocation of rates, and therefore any new property valuation must ‘preserve uniformity with existing roll values of comparable parcels of land’.

To explain this simply, if your property is one of five identical properties, they should all have a similar rating valuation.

A lot of work can be done to a property that doesn't require a building consent. In these instances, unless the owners have contacted QV to tell them of these changes, it is unlikely that they will know about them. This includes improvements such as modernising a kitchen or bathroom, redecorating, landscaping, and more.

Remember, you can keep your property’s information up-to-date via www.updatemyproperty.co.nz. You can also request an Urgent Review of your Property Valuation if you feel your current rating value isn’t fully accurate.

When you complete work requiring a building consent or a subdivision, we’ll automatically inform our valuation service provider, Quotable Value. This is followed by an inspection of your property by QV when they are next completing valuations in your area, once the construction is complete. Please note, this could be up to 3-6 months into the future.

If you would like your rating valuation reviewed urgently, you can pay to have a valuer come out at your convenience and time frame.

Owners are entitled to lodge an objection to the review decision if received within the specified time frame and manner required. QV may require another valuer to re-inspect the property and provide a ‘second opinion’ on the value of the property. A decision will be forwarded to the owner in due course.