Districtwide property revaluations are currently being audited and the updated rating valuations for Hastings will now be sent to property owners in early 2023.
Revaluations of all properties across the district were due to be finalised this month. However, the Office of the Valuer General (OVG), the government body that oversees all rating valuations, has determined that Quotable Value (QV) should take more time to work on the district’s updated rating valuations before they are set to be finalised and released to the district’s property owners.
Due to a range of factors, including complexities arising from the ongoing COVID-19 pandemic, changing regulatory requirements, and the district’s fast-moving residential property market, the Officer of the Valuer-General is stepping through the audit process with council’s valuers before releasing the audited valuations to ensure greater accuracy of the district’s rating valuations.
Updated valuation notices are expected to be sent out to property owners in early 2023. The new valuations will be used to calculate rates for the next three years, beginning on 1 July 2023.
What is the impact of the delay?
Given updated valuations do not affect rates until 1 July 2023, there are no flow on impacts in this regard. The council will still be able to determine its rates distribution for the Annual Plan 2023/24.
- Changes in rating valuations don’t necessarily impact rates charged to property owners, unless the change is significantly higher or lower than the districtwide average.
- The new values will be based on the most likely selling price if the property had sold on the valuation date, which was 1 August 2022, and will be used to form rates for the 2023/2024 rating year. They are solely used for the purpose of determining that the equitable share of rates are distributed fairly across property owners in the district, and are not intended to be used as market valuations.
If owners do not agree with their new rating valuation once it has been finalised, they will still have a right to object. These details will be posted alongside the new rating values next year.
5 December 2022
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