A rating valuation is based on the likely selling price (market value) of a property (excluding chattels) at a particular point in time (the effective date) of your local council's last general rating property valuation.
Rating valuations are carried out on all properties in New Zealand, usually once every three years, and are used by local councils to set rates.
Revaluations are carried out either by your local council or on behalf of them by a valuation service provider (VSP) such as Quotable Value (QV). Rating valuations are just one of a number of factors councils use to allocate rates.
The updated rating value is sent to property owners on an Owners Notice once and area has had a revaluation completed.