We're required to value all properties in the district every 3 years for rating purposes. This is termed a general revaluation.
2017 property revaluations happening now
The valuation of all properties in the Gisborne district will be reviewed on 1 July.
Opteon are currently collecting their data, reviewing sales and doing inspections. If you're not home when they call, they'll leave a card so you know they've been.
Owners will be advised of the new valuation for their property by post in November 2017.
Why we revalue
The new valuations will be used for rating purposes from July 2018. The last time properties were revalued was July 2014.
The valuation process
We've contracted Opteon, a rating valuation company, to look at current rating valuations for Gisborne district properties and reassess them.
Council and Opteon have detailed records of each property. Those records are kept up to date by property inspections for building consents, subdivisions and sales analysis.
Opteon will make a detailed review of all relevant sales to ensure that the new values fairly represent the market as at 1 July 2017.
What's likely to change?
The Gisborne property market has lifted in the last 12 months with most properties selling above the 2014 rating values. On average, recent sales prices are at least 20% above the 2014 rating values.
There will be varying movements in the different types of properties such as residential, commercial, pastoral and industrial which tend to follow the upward trends seen in other North Island provincial districts.
This high demand for Gisborne property is mainly driven by the shortage of properties on the market, low interest rates, out of town buyers and active first home buyers.
Valuing your property
There are 3 parts to valuing your property.
Capital Value estimates the total market value for your property – what it would likely sell for on 1 July 2017. It doesn't include chattels, plant, machinery or good will.
Land Value estimates the value that the land would likely sell for if the property was undeveloped with no buildings or other structures or improvements.
Value of Improvements is the difference between the land and capital values. This is the added value given to the land by any buildings or other structures present on
the property and any landscaping that's been done.
Who approves the values?
The Office of the Valuer General audits our revaluation process before Council and owners receive the valuations.
We discount the value of Maori land up to 10% depending on the number of owners. Land that is considered significant may also be discounted up to 5%. This information
is displayed on the notice of valuation.
Objecting to a rating valuation
You can object to a revaluation on the Revaluation Form [PDF, 28 KB].
And submit it to customer service.
For the 2017 revaluations, property owners who don’t agree with the revaluation you can make an objection before 5 January 2018.
What happens once you lodge an objection?
Your objection will be reviewed by a valuer from Opteon. You will receive the outcome of the consideration of your objection in writing. If you are still not satisfied, you may seek to have your objection heard by the Land Valuation Tribunal. You will need to pay a hearing fee for this.
At the Land Valuation Tribunal hearing you will be required to state your estimate of the value and provide evidence to support your claim. This evidence would normally be information about sales of similar properties, which occurred at, or near, the date of the valuation being objected to. The Land Valuation Tribunal will make a decision based on the evidence presented.