If you have questions about the revaluation process, please contact QV .
The average capital value increase in the District across all property types was 22.3%.
To help explain the movement, we reviewed 26 properties rates across the district with a range of property values and industry types.
The following table shows key residential results:
| Residential Location |
Average Dwelling Value as at 1 September 2017 |
Average Dwelling Value Change % since 1 September 2014 |
|---|---|---|
|
Richmond |
$564,000 |
30.0% |
|
Motueka |
$488,000 |
33.2% |
|
Wakefield |
$490,000 |
30.6% |
|
Brightwater |
$541,000 |
30.6% |
|
Tapawera |
$311,000 |
32.6% |
|
Murchison |
$211,000 |
19.8% |
|
Golden Bay |
$428,000 |
18.3% |
To calculate a rating valuation, sales of comparable properties are analysed to determine movement levels per type and location. Rental levels, production and yield rates are also collated through the market place.
Using mass appraisal techniques, values are then adjusted to reflect movement levels against the former rating valuation.
Capital value includes the value of both the land and any improvements on the property. The value is an estimation of what price would be paid for a property as at the date of the most recent general revaluation. Land value is the estimated price of the bare land as at the date of the most recent revaluation.
Tasman District Council's general rate is based on the capital value of a property although there are some targeted rates that are applied based on land value.
The next revaluation will occur in 2020, and this will impact rates from 2021-2022.
The latest revaluation was carried out by QV in September 2017.
Valuations remain valid for three years unless there is a change to the property through a building consent, subdivision or resurvey.
General revaluations are audited by the Office of the Valuer-General.
A Rating Value (RV) is one factor used to apportion your rates. The revaluation occurs every three years. The value is calculated using a mass-appraisal process.
Market Valuations are different. You can request one at any time from a Registered Valuer.
The Registered Valuer will inspect the interior and exterior of the property. They will also use their local knowledge and analyse recent sales data. All this information will be presented in a comprehensive report.
If you feel your property’s rating value doesn’t reflect your property’s market value when the revaluation takes place, you have the right to object.
Objections for the 2017 valuation closed on 9 February 2018. After this date no objections can be lodged.
Objections allow valuers to assess individual components which may not have been considered in the process.
There is no cost to make an objection under this process.
Please note you must contact Quotable Value to make an objection, not Tasman District Council.
The 2017 Revaluations will be used by the Council as a basis for distributing individual rates obligations for the next three financial years, starting from 1 July 2018.
Revaluations redistribute the proportion of the Council’s rates individual ratepayers have to pay – which may lead to an increase or decrease in rates per property. Not everyone's rates go up by the same amunt, and rates for some propoerties go down.
A revaluation of the district does not increase or decrease the Council’s total rating income. If you think of the Council's rates income as a pie, the size of the pie does not increase because of the revaluation. However a ratepayer's slice of pie might get bigger if the property value has increased by more than average.
Some factors responsible for increasing rates on an individual property are:
Rates levied on a uniform charge basis (e.g. Uniform Annual General Charge, District Facilities Rate, etc.) are unaffected by a district-wide revaluation.
If the Council increases the total rates requirement (rates income), this will also impact your rates.
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