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Understand your new rating value

01 Oct 2013

Rating values will be updated this year for the properties in twenty councils by QV.  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 2013.  What will this look like?

The effective date of your rating value means the date on which your home was re-valued.  Your council rates aren’t effective from this date; council rates will be effective from 1 July 2014. 

The rating valuation process is complex, and affects, for most of us, the most expensive asset we’ll ever own.  Your rating value reflects the value of your property (not including chattels i.e. movable personal items you can take away from your house, like curtains and appliances).  Rating values are one of the factors councils use to assign your rates, zoning and your council’s own funding requirements feature in the equation too.

How are rating values calculated?

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 it doesn’t necessarily follow that your future rates will proportionately 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 location’s close-off date.  You can object online, or call 0800 787 284 to request an objection form.

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