Property rating valuations
In this section
About rating valuations
A rating valuation is a three-yearly assessment of a property's value in relation to current market values – the latest one for Selwyn district is a snapshot of the market as at 1 September 2021.
Selwyn District Council contracts Quotable Value (QV) to value properties on its behalf.
A rating valuation is assigned to every property in New Zealand and is made up of:
- Capital Value (CV) - this is what your property is likely to have sold for at the date of the council’s last general valuation. It includes buildings and improvements. It does NOT include chattels, stock, crops, machinery or trees. The CV is also known as the Rateable Value (RV), and was previously known as the Government Valuation (GV).
- Land Value (LV) - this is the mostly likely selling price of bare land at valuation date. It includes drainage, excavation, filling, retaining walls, reclamation, grading, levelling, vegetation clearing, soil improvement, and protection from erosion or flooding. It does NOT include buildings.
- Value of Improvements (VI) - this is just the difference between the land value and the capital value. It’s important to note here it does not mean the replacement cost of buildings and services on a property. It reflects the value which buildings and improvements add to the bare land.
For more information on rating valuation, visit About Rating Valuations on QV’s website.
Your latest property valuation
Property valuation 2021 – what you need to know
If you are a Selwyn property owner, you will receive your new rating valuation notice for your property during February 2022. Here are some key points you need to know about what this means.
Revaluation is district-wide and includes all properties in Selwyn
Revaluation is a legal requirement that every council in New Zealand must carry out generally every three years. The new valuations are an estimate of the likely price that would have been paid for a property on 1 September 2021.
Revaluation won’t affect rates until July 2022
The new valuations are used to help set the Council’s rates for the next financial year, ie from 1 July 2022 onwards. Your current rates will stay the same until then.
The Council sets its rates annually after it has estimated the cost required to operate the Council and deliver services and facilities to the community. In April 2022 the Council will consult with the community on the new annual plan for 2021/2022, which will include the proposed rates for the year starting 1 July 2022. This means we won’t know your new rates until the new annual plan is confirmed.
Revaluation is just one of a number of factors that help determine your rates
An increase in the capital value of your property doesn’t mean your rates will increase by the same amount. There are a number of other elements to determine the rates you pay on your property. See Rating Types for more information on rates.
For most residential properties in Selwyn, only around a quarter of your rates bill is based on the capital value of a property, with the majority of the rates set based on a fixed amount per property, such as for library services.
If your capital value has increased by more than the average increase (33.7%) you can expect a slightly higher than average increase in your rates from 1 July 2022. If your property value increase was less than the average, you can expect a slightly lower than average increase in your rates.
Revaluation doesn’t mean that the Council collects any more money from rates
Revaluation doesn’t affect the total amount of rates collected by Selwyn District Council. It just mean rates are allocated among ratepayers in different proportions than before.
The total amount of rates collected by the Council each year is allocated across the community, using a combination of land value, capital value and fixed charges, with differential rates applied in some cases. See Rating Types for more information on rates.
If you disagree with your latest rating valuation you can object by 17 March 2022.
Objections must be lodged with Quotable Value by 17 March 2022. Visit QV’s website for more information. If you need assistance, please give QV’s revaluation team a call on 0800 787 284 or email email@example.com.