New rateable valuations for properties available
Published on December 08, 2022
Newly-released rating revaluations for the Horowhenua District are now available and have revealed a total capital value of $15 billion, a 52.8 percent increase since 2019.
In New Zealand, councils are funded by a form of property taxation known as rates. At least once every three years every district and city is reassessed to set the values on which council rates are based for the following three years.
Horowhenua District’s revaluation has been undertaken on behalf of the Horowhenua District Council by Quotable Value (QV) and property owners will start to receive their valuation notices in the post from 14 December 2022. The new values will be used by Horowhenua District Council to determine rating from 1 July 2023.
Horowhenua District Council’s Group Manager Organisation Performance, Jacinta Straker said often revaluations cause anxiety for property owners as they are worried it will increase their rates.
“People often think that an increase or decrease in valuation will automatically result in an increase or decrease in rates. Many people also think that an increase in the district’s values will mean that Council gets more money. These are all misconceptions,” she explained.
An increase in your property value may not mean you pay more in rates. Any rates increase is determined by your property value increase compared with the average increase across the Horowhenua District.
Revaluation does not affect the amount of money we collect from rates - it helps us work out everyone’s share of rates.
If your property has increased by more than the average, you may pay more than the average rates increase for the 2023/24 year.
“We’ll be looking carefully at the impact of the revaluations on rates and affordability across our district as part of our rating review, which is currently underway. This work will be completed before July next year, when rates will start to be based on the new valuations. Any proposed changes to how we spread rates costs across the district will be shared with the community for their feedback early in the new year, along with our amendment to the 2021-41 Long Term Plan (LTP) for 2023-24.”
Property owners who disagree with their new valuation can formally object until 3 February 2023. Details on how to do so will be contained with the notice. “The reassessment is a desk based assessment, so if owners have made improvements to their property that haven’t required a consent then it may not necessarily have been picked up. Property owners are encouraged to contact Quotable Value (QV) on 0800 786 822 if they have any questions about their property’s valuation,” Ms Straker ended.
For more information on rating values in the Horowhenua District and how to lodge an objection visit horowhenua.govt.nz/revaluations