Updated rating valuations delayed till April

New rating valuations for South Wairarapa property owners have been delayed for two months and will sent from April 17 _ because of workload levels at Quotable Value (QV).

Revaluations for all South Wairarapa properties were due this month but the Office of the Valuer General granted an extension to QV for “factors” which include “Covid 19, changing regulatory requirements, and the complexity of the rural sector,” a statement from South Wairarapa District Council noted.

“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 commencing in the 2024/2025 rating year,” it said.

QV’s national revaluation  manager Tim Gibson said the extra time “will help ensure greater accuracy.”

“It has been delayed … because we still need to thoroughly review a number of values within the district.”

The new valuations are expected to be based on Capital Value rather than the previously-used Land Value basis. 

Gibson said the valuations “are solely used for the purpose of determining the equitable share of rates are (sic) distributed fairly across property owners of the district _ and are not intended to be used as market valuations.”

Owners who dispute their new rating valuation will have till May 24 to lodge an objection with QV.

Gibson notes that “your local council are not responsible for the new rating valuations.”

Many ratepayers reportedly still expect double-digit rate demands from council for 2024-25.