A district-wide rating revaluation took place in August 2023 and those values apply for rating purposes from 1 July 2024.
About the valuation process
We provided our valuation service provider Lewis Wright with detailed records of each property. Those records are kept up-to-date by property inspections for building consents, subdivisions and sales analysis.
For the 2023 review, Lewis Wright made a detailed review of all relevant sales to ensure that the new value fairly represented the market on 1 August 2023.
If you're selling or purchasing a property you should consider a market valuation from an independent valuer. A market valuation will take into account current property market factors and includes chattels. The rating valuation uses sales data excluding chattels, of similar homes in your area at a particular point in time.
Revaluation Q&As
An increase in property values in the district doesn’t increase the overall rates collected by Council. So an increase in the valuation of a property doesn’t mean an equivalent rates increase for that property.
For example if your valuation increases by 25% it doesn't mean rates increase by 25%. Your rates do not only depend on your valuation.
Rateable values are one component of calculating rates and are used to provide the basis for allocating some of the rates required across all properties in the district.
The budget total Council needs each year is set in the Annual Plan process. Other income sources for Council are also considered before setting the rates for the year.
This revenue sought is then divided across all ratepayers using a combination of factors including the rating value of your property.
Rating values done on 1 August 2023 are used for the next 3 rating years starting from 1 July 2024, to calculate rates for each rateable property.
These values are combined with the budgets set by Council each year, as well as the Revenue & Financing Policy, which outlines the sources and levels of funding for each activity.
Our rating system is governed by the Rating Valuation Act 1998 and audited by the Office of the Valuer-General.
The legislation for carrying out rating valuations has not changed. Updated guidance as agreed between valuers and the Valuer-General continues to be used.
The way in which Council sets its rates has not changed.
Rating valuations are used to calculate rates and are based on the value of the property as of the date of the revaluation.
Market valuations are used to determine the current price of a property in the open market.
Council contracts Lewis Wright, a valuation service provider to deliver rating valuations.
Rating valuations are done every 3 years by Council using a rating methodology set out in legislation.
They don't include the value of household chattels, such as furniture and appliances.
Rating valuations are influenced by factors such as the location, size, type and condition of the property, as well as the sales of similar properties in the area.
Rating valuations are audited and certified by the Office of the Valuer General to ensure they meet rigorous quality standards nationwide.
Market valuations are done by independent valuers who inspect the property and consider the current market conditions. They may include the value of household chattels, depending on the agreement between the seller and the buyer. Market valuations are up-to-date compared with rating valuations, but they also cost more.
If you are planning to sell or buy a property, you may want to get a market valuation from a registered qualified valuer. Rating valuations are not intended to be used for buying or selling purposes, as they may not reflect the true value of the property at the time of the transaction.
Other aspects are also considered to value your property, but are not limited to:
- Location
- Size
- Condition
- Character
- Quality of the construction
- Views / outlook
- Access (drive on)
- Garaging / off street parking
- Other buildings or notable features
- Sun (aspect)
- Modernisation (kitchen and bathrooms)
- Number of bedrooms / bathrooms
- Privacy
- Access to local transport and amenities
- Street appeal
- Noise
Maori freehold land value is discounted before it gets used for rating purposes. See more information about Maori freehold land
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.
The Office of the Valuer General audits our revaluation process before owners are sent their valuation notice. This has to pass rigorous quality checks.