A rating value is assigned to every property in New Zealand and updated every three years. Councils use Rating Values as one component in apportioning rates. 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.
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.
Hauraki District Council engages a Valuation Service Provider to maintain the rating valuations. Council currently uses Quotable Value to fulfil that role.
When valuations occur every three years, you will have an opportunity to object, free of charge.
Objections to the 2021 Rating Valuations have now closed.