Property Revaluation FAQs
Do you need information about property valuations? Here's a list of commonly asked questions and answers. If you still can't find what you're looking for please contact us at email@example.com.
When is the next revaluation being done?
Revaluations are done very three (3) years. The next one will be done in July 2019.
Why is my property being revalued?
The law requires local authorities to review rateable values on all properties in its district every three years.
What is a rating value?
A rating value is what is used by Council to set rates on your property. It is set by independent valuers and is a ‘snapshot in time’ reflecting the value on a particular date.
What does ‘capital value’ mean?
This is the total combined value of Land and Improvements values. It’s important to remember that while a rating valuation should reflect the likely price a property would sell for at the effective date of the rating revaluation, it does not include chattels, ie movable personal items such as curtains and appliances.
Rating values are not designed to be used as a current market valuation which are sometimes required by banks and other financial institutions when applying for mortgages and loans or for other legal purposes. Current market valuations require an individual inspection of a property and full written report by a registered valuer.
What is ‘land value’?
The land value includes any development work which may have been carried out, including:
- Retaining walls
- Clearing of vegetation
- Fertiliser build-up
- Protection from erosion or flooding
What does ‘value of improvements’ mean?
This reflects the added value of any buildings or other structures present on the property, and any landscaping that has been done. It is not intended to indicate the actual cost of building or landscaping.
Who determines my rating value?
Rating values are prepared by an independent specialist valuation company. The 2016 revaluations were done by Quotable Value (QV).
Who oversees that the values used to calculate my rates are correct?
The Rating Valuation Act sets minimum standards and specifications necessary for the maintenance and upkeep of district valuation rolls in the interests of ensuring a nationally consistent, impartial, independent, and equitable rating valuation system. The Office of the Valuer-General monitors, audits and certifies revaluations.
How do they calculate rating values?
Rating values are calculated using a complex process called mass appraisal.
In its simplest sense, valuers consider all relevant property sales which occurred in an area around the date of the valuation. A market trend is established and applied to similar properties in the area.
A number of assessments of individual properties are completed every year as a result of new building consents, subdivisions, sales inspections, objections and ratepayer requests to update their rating value.
If you don’t look inside my house, how do you know what it is worth?
We store details on every property which valuers use as part of the process. These reflect the changes that Council knows about, eg new buildings that have required a consent.
Those ratepayers who have made changes to their properties that Council has not been notified about can ask for the valuer to reconsider the rating value through the objection process.
What is the difference between a rating value and a current market revaluation?
Rating values exist for the purpose of apportioning rates and are determined as at an effective date.
A current market valuation can be requested at any time. They are at the property owner's cost and involve an extensive interior and exterior inspection as well as an assessment of comparable sales by a registered valuer.
How do I object?
Objections to the 2016 revaluation closed on 4 November 2016.
What happens if I lodged an objection?
All properties that have had an objection lodged against the values have been inspected as it is a legal requirement. The outcome of the consideration of objections is advised in writing.
What happens if the valuer and I cannot agree on a valuation for my property?
An objection can heard by the Land Valuation Tribunal for a fee. At the hearing the claimant would state the estimate of the value and provide evidence to support the claim. This evidence would normally be information about sales of similar properties, which occurred at, or near, the date of the valuation being objected to. The Land Valuation Tribunal would then make a decision based on the evidence presented.