RATES

Rating Valuations are set under the Rating Valuations Act 1998. They are updated every 3 years and subject to audit by the Office of the Valuer General.

 
What are Rating Valuations Used For?

Rating Valuations are solely for the purpose of determining the share of rates each rating unit (property) will pay where rates are levied on a capital value or land value basis. Rates levied on an area or uniform basis, eg per property, are not impacted by rating values.

Rating valuations are not intended to reflect market valuations of properties through the three year life of the valuation.  A rating valuation is made at a date in time. In the most recent valuations it is 1 July 2009.

The valuations should not be used for current market valuation purposes. They are used to determine the share of rates payable by individual properties during the period the valuation applies, in Hauraki’s case three years.


Who Determines the Rating Valuations?

Hauraki District Council engages a Valuation Service Provider to maintain the rating valuations. Council currently uses Quotable Value to fulfil that role.

What is a Rating Value?

A rating value is assigned to every property in New Zealand.  It consists of:

• The Capital Value - the price a property would be expected to sell for at the time of the revaluation.
• The Land Value - the price the land, with no buildings or improvements, would be expected sell for at the time of the revaluation.
• The Value of Improvements - the value of the buildings or improvements and the difference between the Capital Value and the Land Value.

 
More Questions about Rating Value

The answers to the following questions can be found on the Quotable Value website:

• What is a Rating Value?
• Who Determines your Rating Value?
• How are Rating Values Calculated?
• When are Rating Values Calculated?
• If you don’t look inside my house, how do you know what it is worth?
• How can my house have a Rating Value if it wasn’t built at the time of the valuation?
• Why is the change in my Rating Value different from the changes in property values I hear in the media?
• If my house value drops, won’t my rates go down?
• What is the difference between a Rating Value and a current Market Valuation?
• What should I do if I disagree with the Rating Value on my property?