Hamilton’s property valuations are facing a two-month delay.

Hamilton City Council contracts independent valuers Opteon to provide updated values of all property in the city, every three years.

These valuations are used by Council to calculate and set rates.

Council expected updated valuations, which will reflect the market as at 1 September 2024, to be available to the public later in April, once audited and certified by the Office of the Valuer-General.

Opteon has requested more time to complete the valuations to ensure the new values are as accurate as possible, prior to the independent review process.

Opteon Director of Operations NZ, Avella Taylor, said: “The extension will enable us to thoroughly complete the detailed review of the data and valuation assessments.

“We understand the importance of this revaluation and our priority is to make sure that the process is robust. The final figures will reflect the true market conditions in Hamilton as of 1 September 2024.

“We greatly appreciate the community’s understanding and patience as we work through this important process.”

As a result of the extended valuation timeframe, Council has had to seek a new auditing window with the Office of the Valuer-General, with the next available period being late May through June. This means Council now expects the new valuations to be available to the public by late June.

Council will email and post the updated valuation notices to all property owners at that time.

Council’s Financial Support Services Manager, Matthew Bell, said the revaluation does not affect the amount of money Council collects from rates, but may change how much each property pays.

“We’re committed to ensuring a thorough valuation process. The purpose of the revaluation is so Council has updated information to use when calculating rates across the city."

“While the delay is unfortunate, it is important to us to ensure that the valuations are accurate, and that our community has confidence in this process.”

Although the new values will be used to set rates from 1 July 2025, once confirmed, ratepayers will have the opportunity to request further review if they believe their updated valuation is incorrect.

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