Revaluation - important things you should know
All properties in the Grey District will be revalued later this year. People can expect to receive the revaluation notice for their property from around mid December. We have contracted QV New Zealand, our valuation service provider, to carry out the revaluations.
We know that there will be a lot of interest in this process and the results, so here are some of the key things you need to know about revaluation.
What are rating valuations?
Revaluation is a legal requirement that every Council in New Zealand must carry out. Grey District Council carries out revaluations every three years and uses these rating valuations for the purposes of calculating the rates each property is to pay.
Revaluation doesn’t mean that Council collects any more money from rates
Revaluation doesn’t affect the total amount of rates collected by Council but it does help us work out everyone’s share of rates.
Your rates are calculated using different charges to make up the annual levy, ie General Rates (calculated on land value), a Uniform Annual General Charge (set charge) and Targeted Rates (set charge for services such as refuse/recycling collection, sewer, stormwater etc). Your rateable land value is used to determine how much of the General Rate you pay in comparison to other properties in the District. What area of the District you live in and what the property is used for is also taken into account when calculating rates. More about how rates are calculated can be found here.
An increase in land value doesn’t necessarily mean your rates will increase
It is important to note that an increase in land value does not automatically mean that there will be an increase in rates. Broadly speaking, what will affect the amount of General Rates you pay following a revaluation is how your valuation moves in comparison to others in the district, ie has it increased more or less than the average?
What to do if you don’t agree with your new valuation
Once the revaluation notices have been issued, there will be an objection period where people who disagree with the new valuation can raise their concerns.
Revaluation won’t affect rates until July 2019
The new valuations will be used to calculate rates for the 2019/2020 rating year. Your current rates will stay the same until then.
More information about the upcoming revaluation will be available on our website closer to the time. In the meantime, check out this publication on the QV website, Rating Values: The Basics.