Rating Valuation

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

A rating value may be made up of three aspects

  • the likely price a property would sell for at valuation time (Capital value),
  • the likely price that the land on its own would sell for at valuation time (Land value), and
  • the value which the buildings and improvements have made to the land : that is, Capital – Land = Improvements value.

Council revaluations

See which councils that had a revaluation for rating purposes in 2014.

Christchurch City Council rating revaluation

This is the first revaluation since 2007, and the Government has approved a slightly modified methodology.  This means QV is able to establish a fair and robust set of valuations despite the extent of remaining earthquake damage and unpaid insurance entitlements.  The period to object to your rating value has now closed.  We are currently working through the objections that have been submitted and a valuer may be in contact.

 

Find out more about the Christchurch City rating revaluation. 

How we calculate a rating value

A mass-appraisal approach is used. This involves what valuers consider are relevant property sales from your area around the time of the valuation. A market trend is established and applied to similar properties.

 

Because of the vast number of properties in NZ it’s not possible to view every property in person, (although many urban properties are looked at externally to check the accuracy of the proposed value level).

 

Local councils store details on every property in their area and Quotable Value (QV) use this as part of the assessment process. The council data captures properties that have had renovations completed on them that required building consents. We inspect these properties that have required building consents, and this forms part of the mass appraisal process along with any other property inspections that we do for the council.

I’ve renovated my property but my ratings value’s still the same

If you’ve updated your property, but the work hasn’t required a building consent e.g. a new kitchen, bathroom, deck or something else, we or the council won’t know about those changes and your rating value may not have been been amended to reflect this. In these cases you need to contact us or your council to have these reviewed.

 

Give us a call on 0800 787 284 and we can discuss your options further.

 

An Urgent Rating Value Review assessment of your property may be the solution

What should I do if I disagree with the rating valuation?

When your property's rating value is reviewed there is a period during the year of the revaluation, that you can submit an objection if you disagree with the new rating valuation.

 

Before submitting an objection it's important that you find out more about the Objections process.

 

Alternatively, you can request an Urgent Rating Valuation Review

What’s a current Market Valuation?

Market Valuations are different to a rating valuations. You can request a property valuation at any time from a QV Registered Property Valuer. The QV Property Valuer will thoroughly inspect the interior and exterior of your property. They will also use their local knowledge and analyse recent sales data. All this information will be presented in a comprehensive report that will include a market value for your property, which will be current at the date you request it.

More about rating values

If you have any questions email us at ratingsupport@qv.co.nz or call 0800 QV Rating (0800 787 284)