Rating valuations are assigned to every property in New Zealand and updated every three years. Councils use Rating Values as one component in apportioning rates.
Toitū Te Whenua Land Information New Zealand (LINZ) with support from Hastings District Council is consulting on proposals to temporarily amend rating valuation legislation following Cyclone Gabrielle.
The process would see property values set as at 1 August, 2022. This would enable the Council to complete its three-yearly property revaluation before the required deadline of 30 June 2023 without the need to assess cyclone damage as part of the process.
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 land value basis. Rates levied on a uniform basis, e.g 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. 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, which for Hastings District Council case is 3 years. The period these valuations will apply for rating purposes is from 1 July 2020 to 30 June 2023.
Whilst the revaluation does not increase the total rates recovered across the district, the revaluation does redistribute how those rates are collected from each property. If a properties land value increase is greater than the average (i.e more than 51%), they are likely to see a greater than average increase in their rates from July 2020. If a properties land value increase is lower than the average (i.e less than 51%), they are likely to see a lower than average increase in their rates from July 2020.
Please go to the My Property page or use the search above to see a comparison of what your rates may have been this year using the new valuations (please note that these are indicative only as there may have been changes to your property since the rates were set as at 1 July 2019).
Hastings District Council engages a Valuation Service Provider to maintain the rating valuations. Council currently uses Quotable Value to fulfill that role.
A rating value is assigned to every property in New Zealand. It consists of:
The answers to the following questions can be found on the QV website www.ratingvalues.co.nz:
You can find your valuation and rates information from the Property search database above.
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