Rating valuations

Rating Valuations are based on market values. They are a snapshot of the market at a fixed point in time. View a short You Tube clip which explains what a rating value is.

By law local authorities are required to update the values at least every three years. Quotable Value New Zealand is contracted by the Council to maintain the rating valuations in the District and carry out the revaluation. The revaluation process is audited by the Office of the Valuer General before new valuations are posted to owners. The values used for the 2016/17 rating year were set at 1 August 2013.

The 2016 revaluation of all properties was implemented on 8 October.

Because they are a snapshot at a particular time and because the market sometimes moves very quickly, rating valuations do not necessarily reflect the current market value for long.

Land value is the market value of the unimproved land, and capital value is the market value of the improved land, including any dwelling or buildings (but not including chattels – carpets, curtains, furniture etc.). The improvement value is merely the difference between capital value and land value and is not related to the construction or installation cost of any improvements.

What is the rating valuation used for?

Capital value is used as the basis for setting the Waimakariri District Council rates. Environment Canterbury also use capital value as the basis for most of their rating.

Some rates are set on a uniform basis per property, regardless of value. This is illustrated in the current year where the average valued residential property derives only 35% of its total rates based on the property value. As the value increases, a greater proportion of rates are collected on property value.

How does the revaluation affect my rates?

Council rating revenue does not increase as the result of a revaluation but the incidence of rating between ratepayers can change.

Generally those ratepayers whose property value has increased less than the average increase in rating valuation will pay less rates and those whose property value has increased by more than the average will pay more as a result of the revaluation. For most ratepayers these changes are not significant unless their value change is significantly different than the average change.

The amount of rates on a particular property is also affected by the total amount of rates revenue required to fund the services and programmes approved by the Council in the annual budget, and the number of new properties created through growth.

Objections to values

Property owners have a statutory right to object to their rating valuation following a revaluation review. Objections can be lodged online on the Quotable Value website, or in writing by downloading an objection form and sending your completed form to:

Quotable Value Ltd - Business Support
Private Bag 39-818
Wellington Mail Centre
Lower Hutt 5045

Information on the objection process and time frames for objection will be advised with valuation review notices.

General revaluation

The general revaluation reviews rating values for the whole district at three-yearly intervals. The 2016 revaluation is effective from 1 August 2016 and was implemented on 8 October 2016. Owners notices will be posted on 17 October 2016 and the last day for objections is 25 November 2016.