Under normal circumstances a city-wide revaluation is carried out every three years. As a result of the earthquakes, the 2010 revaluation was delayed until 2013 with a special methodology applied to the process. The latest 2013 valuations are based on market prices on 1 November 2013 (excluding the effects of earthquake damage on individual properties), and are used for allocating rates from 1 July 2014. Rates charges prior to 1 July 2014 were calculated based on the previous August 2007 General Revaluation.
View more information about the Property Revaluation in 2013 including questions and answers. Read the media release on 24 Sept 2013.
The Council engages professional, independent valuers to determine capital values to ensure an appropriate separation between value setting and rating policies.
A rating valuation (also known as Capital Value) reflects the property's market value at the date of the valuation. It does not include chattels ( e.g. carpets, drapes, light fittings), stock, crops, machinery or trees. This is then broken down to land value and improvement value.
The value of the land is defined as the probable price that would be paid for the bare land. This includes any development work that may have been carried out (e.g. drainage, excavation, filling, retaining walls, clearing of vegetation).
The value of improvements is calculated by subtracting the land value from the capital value, and represents the extra value the buildings and other developments give to the land (such as fencing and landscaping). However, it is important to appreciate that this figure is simply the difference between the valuation of the developed property and the bare land; it is not intended to indicate the actual cost of building or landscaping.
When the valuations are released, there is an opportunity to object to the valuation. This is for a set period of time, usually six weeks from the release of the valuation. If you require a valuation to be done earlier than this, then you would need to hire an independent valuer to do this. This valuation would not be added to our files and would not be used for rating purposes.
Changes to valuations within the three year valuation period
The values for a property may be amended at any time as a result of significant change to the improvements, generally as a result of a building consent or as a result of demolition or subdivision. Under special earthquake legislation, rates may be adjusted to reflect the amended value once Council's rating database has been updated (under normal circumstances, rates are not adjusted until the following 1 July).
Find a current valuation on a property.