Rating Valuations 2022 Delay
Published on 10 November 2022
Updated rating valuations for Upper Hutt are now planned to be sent to property owners in early 2023.
Revaluations of all properties across the city were due to be finalised in October 2022. However, the Office of the Valuer General (OVG), the government body that oversees all rating valuations, has determined that Quotable Value (QV) should take more time to work on the district’s updated rating valuations before they are set to be finalised and released to the city’s property owners.
A number of council rating revaluations in other parts of the country have also been delayed. This is due to a range of factors that have impacted on the work of QV, New Zealand’s largest valuation and property services company—including:
QV National Revaluation Manager, Tim Gibson, said this additional time will help to ensure greater accuracy of the city's rating valuations. “The OVG’s audit is an important part of the rating revaluation process that does take a great deal of time and effort. It has been delayed this time because we still need to thoroughly review a number of values within the city,” he said.
“We are now taking the extra time required to do that before resubmitting it for independent audit. Due to OVG workloads, and with Christmas in the middle, that will not be until early next year now.”
The new values will be based on the most likely selling price if the property had sold on the valuation date, which was 1 July 2022, and will be used to inform rates for the 2023/2024 rating year. They are used for determining that an equitable share of rates is distributed fairly across property owners in the city and are not intended to be used as market valuations.
As per the usual process, if owners do not agree with their new rating valuation once it has been notified, they can object. The information regarding the objection process will be sent with the new valuations.
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For more information contact the rates team