Updated rating valuations for Carterton and South Wairarapa are now planned to be sent to property owners from 17 April 2024.
Revaluations of all properties across the two districts were due to be finalised in February 2024. However, the Office of the Valuer General (OVG), the government body that oversees all rating valuations, has agreed with Quotable Value (QV) that it should take more time to work on the district’s updated rating valuations before they are set to be finalised and released to the district’s property owners.
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 Covid 19, changing regulatory requirements, and the complexity of the rural sector.
QV National Revaluation Manager Tim Gibson said this additional time will help to ensure greater accuracy of the 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 district,” he said.
“We are now taking the extra time required to do that before submitting it for independent audit. Due to OVG workloads, that will not be until early March.”
The new values will be based on the most likely selling price if the property had sold on the valuation date, which was 1 September 2023, and will be used to help inform rates for the 2024/2025 rating year. They are solely used for the purpose of determining the equitable share of rates are distributed fairly across property owners in the district, 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 have until 24 May to lodge an objection with QV.
The information regarding the objection process with QV will be sent along with the new valuations later this year. Your local Council are not responsible for the new rating valuations.