Property Valuations

this is what your property is likely to have sold for at the date of your local council’s last general valuation, excluding chattels. The CV is also known as the Rateable Value (RV), and was previously known as the Government Valuation (GV).

the most likely selling price of the bare land at the date of your local council’s last general revaluation.

this is just the difference between the land value and the capital value. It’s important to note here it does not mean the replacement cost of buildings and services on a property.​​​​​​​​

​​Quotable Value’s qualified Property Consultants combine their own experience and the latest technology to calculate a Rating Value. They’ll take into account all factors influencing a property’s likely selling price, such as the property’s size, features and recent refurbishments.  QV also take into account the value of similar properties recently sold in the local area. Given the vast amount of properties in New Zealand, we are unable to view every single property in person, so we utilise a range of tools to produce the rating value.

Revaluations are carried out either directly by your local council or on their behalf by a valuation service provider such as Quotable Value (QV). Rating valuations are just one of a number of factors councils use to allocate rates.

You can email Quotable Value updatemyproperty@qv.co.nz or call 0800 786 822.
You can check the rating valuation information that the Council holds for your property and correct any details that are missing or out of date by visiting updatemyproperty.co.nz​​

Any change to your Rating Value will not apply until 1 July of the next rating year.

​Our valuation provider, Quotable Value, will send out owner’s notices to let you know your new Rating Valuation. For the 2018 Revaluation, QV plan to send out all owners notices by mid-September 2018.​

If you feel your property’s new rating value doesn’t reflect your property’s market value (as at the date of your local council's last rating revaluation), you have the right to object.

The closing date to lodge an objection to your new rating value is outlined on your owner's notice.​

Objections are part of the valuation process because they give property valuers the opportunity to assess individual factors that they may not have been aware of and therefore had not considered as part of the value assessment i.e. work on property not requiring a building consent such as kitchen or bathroom renovations.

As part of this process, a QV staff member will physically inspect your property and you’ll receive an owners notice shortly after to inform you of the decision made regarding your property’s rating valuation. ​

Yes, there is an official objections period. Check your owners notice. It is approximately six weeks from when the new rating values are released.​

You can make an objection online, or by posting a personal letter to QV (their contact details are provided here). Click here to understand how this process works.

In this case, you’re best to request an Urgent Review of your Rating Valuation. This suits people who have recently completed renovations that are likely to have a substantial impact on your current Rating Valuation. You can also use this service if you simply disagree with your current RV.

With this service, a QV staff member will physically inspect your property and make a decision as to whether your Rating Valuation is accurate. Shortly after, you’ll receive an owners notice informing you of the decision made.

Remember, if you’ve refurbished or renovated your property, but the work hasn’t required a Building Consent - for example a new kitchen, bathroom or deck – QV or Council won’t be aware of this unless you have informed them of the change.

The best way to do this is to use Quotable Value’s UpdatemyProperty service. This is where you provide us and our valuation service provider with information on your renovations.

Once Quotable Value are made aware of any renovations completed, your valuation will be updated prior to the next rating year, so it’s important ratepayers use this service to keep their rating value up-to-date and accurate. ​

Rating Valuations are different as they reflect the likely selling price of a property (excluding chattels) at the time of your local council's last revaluation date. Whereas a full market valuation represents the valuation of the property on the date the property was inspected. Rating Valuations are also completed with the purpose of setting council rates.

A full market valuation will offer a more comprehensive assessment of the current market value of your property. With this service, a registered Valuer will visit your property and complete a full inspection of the property interior and exterior, as well as analysing recent sales in your area in order to provide you with the current valuation. They are completed to help guide property owners around the likely selling price of their property before it's put out to market.

As described above, a full market valuation would provide the most accurate, comprehensive and up-to-date measure of your property's current value. QV offers this service to property owners across New Zealand.

A Rating Valuation is completed with the purpose of setting council rates although they can provide a good indication of the likely selling price as it was at the time of your local council's revaluation period.

This may not affect the rating value, as every home requires a certain amount of maintenance to keep the home in good working condition. Not all maintenance ‘adds value’ to your property, however a potential buyer would probably view your property in a more positive light as they won’t need to re-roof for another 30 years or so.

If you feel the change may have a substantial impact on your rating value, you can request an Urgent Review of your Rating Value.

All property owners are entitled under legislation to pay to have their rating value reviewed, however any new property valuation must comply with the rules stipulated in the Rating Valuations Act 1998. ​

The primary purpose of a rating valuation is to assist your local council with the allocation of rates therefore, any new property valuation must ‘preserve uniformity with existing roll values of comparable parcels of land’. To explain this simply, if your property is one of five identical properties, they should all have a similar rating valuation.​​​​

A lot of work can be done to a property that doesn't require a building consent. In these instances, unless the owners have contacted QV to tell us of these changes, it is unlikely that we will know about them. This includes improvements such as modernising a kitchen or bathroom, redecorating, landscaping and much more.

Remember, you can keep us up-to-date with any improvements you make to your property using our Updatemyproperty service. You can also request an Urgent Review of your Property Valuation if you feel your current rating value isn’t fully accurate.​

When you complete work requiring a building consent or a subdivision, we’ll automatically inform our valuation service provider – Quotable Value. This is followed by an inspection of your property by QV when they are next completing valuations in your area, once the construction is complete. Please note, this could be up to 3-6 months into the future.

If you would like your rating valuation reviewed urgently, you can pay to have a valuer come out at your convenience and time frame.​

Owners are entitled to lodge an objection to the review decision if received within the specified time frame and manner required. QV may require another valuer to re-inspect the property and provide a ‘second opinion’ on the value of the property. A decision will be forwarded to the owner in due course.​