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  • Writer's pictureJason Wills

Objecting to your Rateable value (RV)

Recently I sold a property in Kaiapoi and I found that the Waimakariri Council’s excessive adjustment of rateable values for 2022. At least 4 of the properties I’ve monitored over the last month have not sold close to these new RV’s, and in some instances were sold between $35k to $100k less than RV. The RV is a snapshot at a particular time and because the market sometimes moves very quickly, rating valuations do not necessarily reflect the current market value for long.

They are computer generated and based on a simple algorithms such as number of bedrooms, bathrooms, floor area, land area and recent sales in the area. The system will try and project a properties worth in the next 3 years and it appears that the current system thinks that prices are still going up at a rapid pace which just isn't reality.

Property owners have a statutory right to object to their rating valuation following a revaluation review. Objections can be lodged online on the Quotable Value website, or in writing by downloading an objection form and sending your completed form to:

Quotable Value Ltd - Business Support Private Bag 39-818 Wellington Mail Centre Lower Hutt 5045

For more information for the Waimakariri Council go to:

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