Revaluations

This is the assessment of the probable price that would have been paid for the property if it had been for sale at the date of the latest general revaluation shown on this notice. This valuation does not include chattels, dairy company shares, stock, crops, machinery or trees. The valuation is deemed to include GST (if any) for residential property and exclude GST for other property types.

Land Value 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, levelling, clearing of vegetation, fertility, build up or protection from erosion or flooding.

This is the difference between Capital Value and the Land Value. It reflects the added value given to the land by any buildings or other structures present on the property.

Insurance is usually based on the cost to rebuild all buildings on your property and may include the cost to clear and reinstate land and fences. This can be very different to the market value of your property.

When assessing Land Value and Capital Value, Council's valuers consider all property sales which occurred in your locality around the date of the latest general revaluation. Non-market sales are identified and rejected. Commercial properties are assessed using average lease data for properties in your area. This can result in the RV for a commercial property being different to market value based on a properties actual lease status.

Councils hold a lot of property information including floor plans, building age, construction styles and materials, land information and sales data. Most properties that have sold recently or had building work carried out are inspected. A significant number of other internal and roadside inspections are undertaken prior to the revaluation to ensure accuracy. Our valuers - Opteon Technologies Ltd - also know and understand our local market conditions. The valuation methods used for rating valuations are audited and approved by the Valuer General.

South Waikato District Council and Waikato Regional Council use these valuations as a basis for levying rates.

Changes in valuation may result in changes to rates. For most urban properties, Just over a quarter of the annual rates is based on property value. Uniform Annual General Charges and Uniform charges for Water Supply, Sewerage, Refuse and Recycling make up a larger part of the annual rates and these charges are not based on property values and therefore not affected by changes in property values. Valuation changes tend to have more of an effect on annual rates for higher value properties.

When property values change, the total amount of money we collect doesn't change, just how we slice the pie changes to reflect the changes in market values. Some properties may even see a decrease in their rates, even if their capital value increased. Changes in rates are most likely to occur when the valuation on an individual property is different from the average value change for the district.

A general revaluation of each district usually occurs every three years. Rating Valuation notices are also issued between revaluations when changes are made to properties. Changes may include: subdivision or amalgamation of land; changing land use; erecting new buildings; or adding to, altering or demolishing existing buildings. When a valuation is issued between general revaluations, the values are assessed as at the date of the last general revaluation to preserve uniformity between properties.

The local authority has details of all resource and building consents. If you make changes to your property which are likely to affect its value, but which are not covered by either of the above approval processes, please advise us so that we can update our records and amend the property's value if necessary.

Rating Values do not include chattels - including ovens, dishwashers, curtains & light fittings, so can be lower. Rating Valuations are a snapshot of the market at a single point in time. As real estate tends to fluctuate over time, a rating valuation cannot be expected to represent the true value for long.

You can object to the valuation of your property and when there has been a general revaluation you may object to the valuation of any other property appearing on the district valuation roll. If there is any data on this notice which is incorrect, please advise us so that we can correct it.

You are encouraged to telephone the South Waikato District Council on (07) 885 0340 to discuss your concerns first. If you wish to pursue the matter, you will then need to lodge an objection in writing before the closing date for objections shown on the front of this notice. Objections can be made by:

• obtaining a physical copy of the form from South Waikato District Council
• downloading the Rating Valuation Objection form from our Forms page
• sending a letter South Waikato District Council, PO Box 7, Tokoroa 3444
• sending an email to info@southwaikato.govt.nz with the subject "Rating Valuation Objection".

In your objection you must state the valuation reference number, the address of the property, a daytime contact telephone number, your mailing address, your reason for objecting and an estimate of what you realistically believe the value should be. You may appoint someone else to act on your behalf.

A valuer may contact you and may arrange an appointment to inspect your property to verify the property records and update them where necessary. The outcome of the consideration of your objection will be advised to you in writing. If you are still not satisfied, you may seek to have your objection heard by the Land Valuation Tribunal. You will need to pay 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 sale 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 evidence presented.