Updated rating valuations have been prepared for all 7,526 properties in the district by independent valuers Quotable Value (QV), reflecting the likely price a property would have sold for on 1 September 2023, not including chattels.
Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 14.2%. The average house value is now at $750,000, while the corresponding average land value has increased by 24.6% to a new average of $360,000.
New rating values are available online now at QV.co.nz, with notices due to be posted out from 24 April. If owners do not agree with their rating valuation, they have a right to object through the objection process before 31 May 2024.
Read the full qv.co.nz media statement.
The updated valuations will be effective in setting rates for the next three financial years, commencing from 1 July for the 2024-25 year. South Wairarapa is currently consulting on the 2024-25 Enhanced Annual Plan, which includes information about the recent Rating Review that proposes to move from rating on Land Value (LV) to Capital Value (CV). You can read more about this in the consultation document.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
They reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2023, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Find out more about rating valuations.
Objection period
If you disagree with the rating valuation on your property, please contact QV to discuss it. Often issues can be resolved without issuing a formal objection.
