New rating valuations out soon

Property owners in the Queenstown Lakes District will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

QLDC Chief Financial Officer, Stewart Burns said, “Since the last rating revaluation in July 2014 property values have risen across the district by more than 56% overall. Residential capital values have increased by more than 63% in the past three years and residential land values by more than 90%.”

The tri-annual rating revaluation is completed by Quotable Value (QV) on behalf of QLDC. It is not intended to be a market value for a property, but is used by the Council in setting rates for the next three years. An increase in a property’s capital value does not automatically lead to an increase in rates payable.

If your property’s valuation increase is higher than the average for the district, then the capital value portion of rates on the property will be proportionally higher in the next rating year. The reverse also applies where properties could see a decrease in the capital value portion of rates. The capital value portion of rates equates to around 50% of the annual rates assessment.

Quotable Value will send a notice to all property owners advising of their new rating valuation from 4 October. New rating values will be also available to view at Council offices from 27 September.

Property owners can object to their new rating valuation, in writing to Quotable Value prior to 10 November.

ENDS

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