Updated rating valuations [RV] for Masterton properties, originally set to be released in December, are scheduled for release this month.
Quotable Value [QV] New Zealand’s three-yearly RV reassessments are used by Masterton District Council to apportion rates among the district’s 13,500 ratepayers.
The valuations will reflect a snapshot of market values as at September 1, 2023, based on recent property sales.
Property owners in neighbouring districts Carterton and South Wairarapa aren’t due to receive theirs until the middle of April after a delay.
QV national revaluation manager Tim Gibson said delays are relatively common due to the highly technical nature of the work, with factors such as Covid-19, evolving regulatory requirements, and the up-and-down movement of the property market these past three years adding to its complexity.
“Though we have pushed back the public notice date to give our teams more time to ensure greater accuracy of these rating valuations, ahead of a thorough audit by the Office of the Valuer General, we are still well on track to accomplish this,” Gibson said.
“As per the usual process, if owners do not agree with a new rating valuation once it has been certified and sent to them, they will still have an opportunity to lodge an objection.
“The information regarding this process will be sent along with the new valuations later this year.”
The next rating year starts on July 1, 2024.
Having the latest RVs will be essential to the district councils forming their 2024-34 Long-Term Plans and consulting on their draft plans.
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