Property revaluation Q&As
Some answers to frequently asked questions.
A rating valuation is based on the market value of a property at a given time. The district-wide revaluation took place on 1 September 2020 and was based on the property sales market at the time.
What is a rating value?
There are 3 parts to valuing your property.
Capital Value (CV) this is what the property would likely have sold for at the date of the revaluation, excluding chattels, stock, annual crops, trees, plant, machinery or good will. The CV is also known as Rateable Value (RV).
Land Value (LV) is the most likely selling price of the bare land at the date of the revaluation.
Value of Improvements (IV) is the difference between the land value and the capital value. It's the added value given to the land by any buildings or other structures present on the property and any landscaping.
What's the date of the new valuations?
All properties in our district were assessed at the same date. This means that the rating valuation is reached using the same process for each sector and reflects the same market trends and evidence as every other property in the area.
The latest valuations for the Gisborne district reflect values as it was on 1 September 2020.
When will the new valuations be used for rates?
The 2020 valuations will be used to calculate rates for the 2021/22 rating year and will apply from 1 July 2021.
The last time properties were revalued was July 2017 and those values remain current until 30 June 2021.
Any proposed changes to how we spread rates across the district will be shared with the community for their feedback in March 2021 as part of the draft long term plan consultation.
What difference will my updated property valuation make to my rates?
An increase in property values in the district doesn’t increase Council’s rating income – so an increase in the valuation of a property doesn’t mean an equivalent rates increase for that property.
If the percentage change in valuation is different for different properties, it can change the way that the rates collected and distributed among individual ratepayers.
See information on the how this will affect my property
What can I do if I don’t agree with the new valuation?
Property owners have the right to object free of charge, before 29 January 2021.
See the information object to a property valuation
Who approves the values?
The Office of the Valuer General audits our revaluation process before owners are sent their valuation notice. This has to pass rigorous quality checks.
How can I view revaluation changes?
Tairawhiti Maps now has an additional layer to view valuation movements on a property. Select Search property valuation from the menu on the right and follow these instructions to view revaluation changes in Tairawhiti Maps [PDF, 86 KB].
Did Covid affect rating valuations?
The date of the district rating valuation was moved from 1 July to 1 September 2020, as advised by the Valuer General.
All property types have experienced a significant increase in value since 2017 with further movement in the residential values post the Covid-19 lockdown and 1 September valuation date.