Revaluations can cause some confusion for residents in terms of what impact that can mean on their rates. We've put together these FAQs below to help explain, as well as linked in a video from Quotable Value Limited about what a ratings value is.
Every three years. The last revaluation was done in July 2022.
In Manawatū, property valuations are done by Quotable Value Limited, or QV for short.
Capital Value (CV)
The most likely selling price at the date of valuation.
Land Value (LV)
The most likely selling price of the vacant land at the date of valuation.
Improvement Value (IV)
The added value of improvements to the vacant land. This is calculated as CV minus LV.
For more detailed information click here.
Not necessarily. Revaluation doesn't affect the amount of money that we collect from rates. It is done to determine what everyone's share of rates is.
An increase in your property value doesn't automatically mean you pay more in rates, if everybody elses property value has also increased.
If your property value has increased more than the average, then you may end up paying more.
Likewise, if your property value has decreased or is under the average, then you may end up paying less.
Rest assured, if you've been sent a letter saying that your property value has increased by 30%, it is highly unlikely that you will end up paying 30% more in rates because of a revaluation.
The new values that were determined in July 2022 will come into effect on 1 July 2023 when the Annual Plan 2023/24 kicks in.
Yes you can, but you have a limited window to do this in.
It's too late to object to the 2022 valuations, but you can find out more information about how to object at this link here.
You can visit our website and enter your property valuation reference, or you address, into our Rates Property Search.
Or, try searching on QV's own website.
