How do revaluations affect your rates?
Revaluation doesn’t affect the amount of money we collect from rates - it helps us work out everyone’s share of rates.
Council collects around $18 million of general rates based on the value of properties across the district – this is the only portion of your rates affected by the revaluations. Rates like the Uniform Annual General Charge and targeted rates for services like rubbish collection or water are not affected. 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 Matamata-Piako District.
A 40% increase in your value definitely does not mean a 40% increase in your rates. If your property has increased by more than the average, then you will pay a slightly larger share of the total general rates. If your property value has increased less than the average, you will pay a lower share of the total general rates (this means that in some cases, even if your valuation has gone up, your rates could go down).
You can see how your valuation is likely to affect your rates next year by searching for your property here or giving us a call on 0800 746 467.
For details on how the district’s values have changed please see the below document or see the full press release on QV’s website- here.
When does the new valuation come in to effect?
The valuation of your property is as at 1 July 2021. The new values will be applied to your rates calculated for the year beginning 1 July 2022.
Why do we revalue properties?
Revaluations are required by law and we do them because we want to set property rates fairly. As property values are always moving we need to update our rates distribution to maintain fairness. The aim of the general property revaluation is not to provide values for property owners to use for marketing, sales or any other purposes.
Who calculates your rating value?
Your rating value is prepared on behalf of Council by an independent valuation service provider. MPDC uses Quotable Value Ltd (QV).
What do Capital Value, Land Value and Improvement Value mean?
- Capital Value - this is the assessed probable price that would be paid for the property as at the date of the latest general revaluation. It does not include chattels, stock, crops, machinery or trees. Residential values include GST, other property types do not.
- Land Value -this is the probable price that would be paid for the bare land as at the date of valuation. The Land Value includes any development work which may have been carried out, such as draining, excavation, filling, retaining walls, reclamation, grading, leveling, clearing of vegetation, fertility buildup, or protection from erosion or flooding.
- Value of Improvements- this is the difference between the capital value and the land value. It reflects the value of the property's buildings and other structures.
How is your rating value calculated?
QV analyse all property sales that occurred in your area to identify market trends, then apply those trends to similar properties, (residential values are based on residential sales, commercial values are based commercial sales etc.). They also assess a number of individual properties each year, (due to building consents or other processes). The information from these assessments help with the mass-appraisal process. The entire process is also independently audited by the Valuer General.
If you don't look inside my house, how do you know what it is worth?
Councils store details on every property in New Zealand. Properties with similar attributes such as land area, age of building, condition and location are grouped together. A value trend, (determined by relevant sales), will then be applied to the group in which your property sits. A significant number of internal and roadside inspections are undertaken prior to the revaluation. QV also know and understand our local market conditions.
How does Council know when changes have been made to my property?
Council has copies of all survey plans and building consents. If you make changes to your property that are likely to affect its value, but that are not covered by either of the above processes, please advise us so that we can update our records and amend the property’s value as necessary.
Valuation notices are also issued between revaluations when changes are made to properties, (if land is subdivided, or a building is built or demolished etc.). If a valuation is issued between general valuations, the values are back-dated to the date of the last general revaluation, (if a new valuation is done next year, the valuation date will still be 1 July 2021). This ensures Council and ratepayers are comparing apples with apples.
How does a Full Current Market Valuation differ from a Council Rating Value?
A Current Market Valuation provides you with a professional estimation from the registered valuer you have employed of how much, in their opinion, your property is worth in today's property market.
A Council Rating Valuation is undertaken by Council's Valuation Service Provider to establish property values at a specific point in time to enable council rates to be assessed, and excludes the value of chattels. Council currently arranges for revaluations to be conducted every three years, and hence a rating value is only an accurate measure of a property's relative value at the date of the current revaluation, which is currently 1 July 2021.
What if I disagree with the valuation?
We encourage you to phone us on 0800 746 467 to discuss your concerns first.
You can object to your valuation by:
- Going online at matamata.objection.cubetec.com.
- Collecting an objection form from one of our offices.
Objections need to be received by Council by the closing date of 2 December 2021.
What happens if I lodge an objection?
A valuer may contact you, and may arrange an appointment to re-inspect your property to verify and/or update the property record. We’ll inform you of the results in writing. If you’re still not satisfied, you can seek to have your objection heard by the Land Valuation Tribunal - this will cost you a hearing fee. At the Land Valuation Tribunal hearing, you will be required to state your estimate of the value and provide evidence to support your claim. This evidence would normally be information about sales of similar properties which occurred at, or near, the date of the valuation being objected to. The Land Valuation Tribunal will make a decision based on the information presented.
Privacy Act 1993
The contents of your valuation notice are contained within the public register known as the District Valuation Roll, which is available for inspection by the public at Council Offices free of charge. You may have access to any information held about you and you may ask for any corrections to be made.