Property rating valuations are one factor used by councils to distribute rates for the region and every property in the Kapiti Coast District will be getting an updated rating valuation this year.
A rating valuation is based on the estimated market value of a property at a particular point in time and as assessed during a district or city wide property rating revaluation which is done usually every three years on behalf of your local council. This is happening in the Kapiti Coast District this year with the new values being set as at August 1, 2017.
Assessing rating values is a service QV performs for councils and the values become public information. Rating values are not individual market valuations of every property like those undertaken by private valuers.
Instead, for rating purposes the value of your property is determined using a range of factors, including analysing resource and building consents and the sales of properties in your area over the last three years. QV valuers comb through data on properties in your area, compare and contrast similar properties using technology and experience to determine the rating values for all the properties in an area on a the effective date. Property owners can also research local area sales and other property information on QV.co.nz or on the QVhomeguide app.
During a rating revaluation it’s a good time to check your property details are up to date so electronic valuations over the next three years will more accurately reflect your property’s estimated market value at any given time.
If you have recently refurbished, improved or renovated your property but this work did not require a building consent then we won’t know about the value you have added. So let us know on the website www.updatemyproperty.co.nz. Or contact us on QV on 0800 787 284 and send through details of the improvements you have made.