Property owners in the district can expect to receive their three-yearly Quotable Value (QV) revaluation in the next week or two, with revaluation notices expected to start landing in letter boxes from the end of next week [the week ending Friday 20 October].
Waikato District Council’s General Manager Strategy and Support Tony Whittaker says, “The new rating values will be used to calculate Council rates from the start of the next rating year, from 1 July 2018, but a change in your rateable value does not mean rates for your property will change by a similar percentage.”
“The Council does not collect more rating income as a result of increased property values or less rating income if values decrease,” he says.
“You might expect an increase in your general rates if your property value has increased by more than the 33.7 per cent average increase in property Capital Value across the district.
But if your property value increase is less than the average, then your general rates might go down.”
He says the rating valuation is only one factor in determining the total rates you will pay, as rates are also based on the type of property you own, the services you enjoy, and any rebates that might apply.
Also, while the average rise in property Capital Value across the district is 33.7 per cent, changes in individual property valuations will vary considerably depending on the type of property, its size, location, and any distinctive characteristics.
Mr Whittaker says the Council is required to revalue all the properties in the district every three years, and employs Quotable Value Ltd (QV) to undertake the process. The rating value is a reflection of what a seller might expect to receive if they sold the property at the time of the revaluation (1 July 2017) excluding chattels (e.g. carpets, drapes, and light fittings).
“If you have concerns about your new rating value when you receive it we encourage you to contact Quotable Value Limited,” he says.
A flier included with the revaluation notice will include all the information property owners will need if they want to contact QV (on 0800 787 284) or to lodge an objection online at www.ratingvalues.co.nz . Objections must be lodged no later than 24 November.
If for any reason property owners have not received their ‘Notice of Rating Valuation’ by the end of the month, they should email the Waikato District Council rates team on firstname.lastname@example.orgSince you’re here… we have a small favour to ask. More and more people want the Post than ever but advertising revenues across the media are falling fast. And unlike many news organisations, we haven’t put up a paywall – we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Post’s independent, investigative journalism takes a lot of time, money and hard work to produce. With investigative reporting, we often don't know at the beginning how a story will unfold and how long it might take to uncover. This can mean it is costly – particularly as we often face legal threats that attempt to stop our reporting. But we remain committed to raising important questions and exposing wrongdoing. And we do it because we believe our perspective matters – because it might well be your perspective, too. If everyone who reads our reporting, who likes it, helps to support it, our future would be much more secure. For as little as NZ$5, you can support the Post – and it only takes a minute. Thank you. Support The Post