What are rating valuations?
Rating valuations are usually carried out on all NZ properties every three years. This helps councils set rates for the following three-year period. Your QV rate reflects the likely selling price of your property at the time of the revaluation date, which was 1 October 202 for this round.
On average, the value of residential housing in our district has increased by 54% since 2019, with the average house value now sitting at $566 000.
New rating values will soon be posted by QV to property owners. If you do not agree with your rating valuation, you have a right to object through the QV objection process before 27 April 2023. A link to objection process is below –
Mayor Max Baxter added: “Just because the total value of the district has increased, doesn’t mean the council will get more in rates. Council has to set a budget first and then we apply our rating formulas to work out who pays what. It’s a complex process that will be undertaken in the next few weeks as the new council elected in October prepares their first Annual Plan.”
Want to know more? Check out the below media release –