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 2022 valuation will be used to set rates from the 2023/24 year.
The new revaluation of all properties is effective as at 1 July 2022.
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?
In general, the capital value is used as the basis for setting the Hurunui District Council rates. Environment Canterbury also uses capital value as the basis for most of their rating, with some rates based on land value.
Some rates (particularly water, sewer, a portion of amenities rates and a portion of the general rates) are set on a uniform basis per property, regardless of value, therefore are not affected by the change in value. There are some rates that are collected based on capital value (for instance the Roading rate), so the relative change in value will have an effect on the rates an individual ratepayer may pay.
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 across the District 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.
The general revaluation reviews rating values for the whole district are at three-yearly intervals. The next rating valuation will be held in 2025, then in 2028.
Update your property details
You can check the rating valuation information that the Council holds for your property, and correct any details that are missing or out of date by visiting Update My Property (https://updatemyproperty.co.nz/App/MyHome/MyHome.htm). You can also upload photographs of recent improvements made. Information is verified by Quotable Value prior to being accepted into Council records.
The Council is committed to having its valuation rolls as accurate as possible and encourages property owners to use this new initiative to check records and let us know about new information or correct any errors.
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: