Updated Valuations Now Available Online

Friday, 16 November 2018

The Rating Valuations Act 1998 requires that every property in New Zealand must be revalued for rating purposes at least once every three years.

The Waitomo District Council Property Revaluation for 2018 is now confirmed and the 2018 Notice of Rating Valuation have been posted out to property owners. If you have not yet received your notice, please contact WDC on 07-878-0800.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2018, but do not include chattels.

The rating revaluation figures compiled by Quotable Value show that property values have increased significantly as a result of a strong property market in the district (particularly in Te Kuiti, Piopio and Benneydale).   Overall residential property values have increased by 44.9%, land values by 44.3%, and developed commercial property by 19% since the last revaluation in 2015.

The increase in property values will be reflected in rates, when property values change, the total amount of money we collect doesn’t change, just how we “slice the pie” changes to reflect the changes in market values. The total amount of rates that Council requires and therefore charges is not affected by a revaluation, however a revaluation can result in a change of the rates for individual properties with some increasing and some decreasing.

It is important to note that only a portion of the total rates are linked to its valuation. In the 2018/19 year, a typical residential property with a capital value of $170,000 has rates of $3,664.00. Less than a quarter of this amount, $707, is based on the properties valuation so only this portion is affected by a change in valuation. The remainder of the total rates is made up of fixed charges that are not impacted by valuation changes.

You can see your new valuation by searching for your property online here or giving us a call on 0800 932 4357.

The valuation is a valuation of your property as of 1 September 2018. This will be updated in all of Council’s systems and will be available in the Rating Information Database for anyone to see; however, it won’t affect your rates until next year starting 1 July 2019.

If owners do not agree with the rating value they have the right to object.  You can download an objection form here or call the friendly Customer Services Team on (07) 878 0800.

The objection close-off date is 7 December 2018.