Answers to some frequently asked questions about revaluations.
A rating valuation is based on the market value of a property at a given time. The district-wide revaluation took place on 1 August 2023 based on the property sales market at the time.
There are 3 parts to valuing your property.
Capital Value (CV) this is what the property would likely have sold for at the date of the revaluation, excluding chattels, stock, annual crops, trees, plant, machinery or good will. The CV is also known as Rateable Value (RV).
Land Value (LV) is the most likely selling price of the bare land at the date of the revaluation.
Value of Improvements (IV) is the difference between the land value and the capital value. It's the added value given to the land by any buildings or other structures present on the property and any landscaping.
All properties in our district were assessed on 1 August 2023. This means that the rating valuation is reached using the same process for each sector and reflects the same market trends and evidence as every other property in the area.
The previous revaluation was done 1 September 2020.
The 2023 valuations will be used to calculate rates for the 2024/25 rating year from 1 July 2024.
The values remain current until 30 June 2024.
An increase in property values in the district doesn’t increase Council’s rating income – so an increase in the valuation of a property doesn’t mean an equivalent rates increase for that property.
If the percentage change in valuation is different for different properties, it can change the way that the rates collected and distributed among individual ratepayers.
The Office of the Valuer General audits our revaluation process before owners are sent their valuation notice. This has to pass rigorous quality checks.