Your property has a rating value that reflects its value (excluding chattels) as at the date of the last revaluation. This may have been recently or up to three years ago. It is one of the factors used to calculate the rates on properties and the calculation varies between council regions.
Every property in NZ has a rating valuation (previously also know as a Government Valuation), which is usually assessed every three years. This is completed by your council or on behalf of them by a Valuation Service Provider such as Quotable Value (QV). All properties in a local council area are assessed as at the same date. This means that the rating value is reached using the same process and reflects the market trends as every other property in your area. The information is displayed on an Owners Notice.