Napier's new Rating Values
Last month Napier property owners received a revised Rating Value for their property.
The Rating Value is an assessment of the freehold value of a property. It is one of the factors used by a council for calculating the rates that individual ratepayers will pay.
In Napier rating valuations are reassessed every three years from 1st September with the most recent reassessment occurring last year (2014).
The Rating Value reflects the likely selling price of the freehold property at the effective date EXCLUDING chattels (which are moveable personal items such as appliances and furnishing).
Quotable Value (QV) prepares rating valuations on behalf of Napier City Council using a mass-appraisal process. This involves taking relevant property sales in an area around the effective date (excluding mortgagee sales) and establishing a market trend which is then applied to similar properties in that area.
The mass-appraisal process is supported by a range of valuation assessments of individual properties every year which are done as a result of building consents, subdivisions, sales inspections, objections and ratepayer requests to update Rating Values.
Before you are notified of your updated Rating Value, the entire process is audited by the Valuer General’s office.
According to Bevan Pickett (Hawkes Bay Manager at Quotable Value), “Since the last revaluation in 2011, property values in Napier have been trending up and down within a narrow band. There has generally been little movement in value for a sustained period”.
If you feel the Rating Value for your property is not correct, you may object and request that an individual reassessment be carried out.
While the period to object to the 2014 Rating Values in Napier has now passed, you may arrange for Quotable
Value to undertake a reassessment for a small charge ($250).
There are occasions when it is beneficial for home sellers to obtain a reassessment, including:
- When significant improvements have been made to a property, which are not reflected in the Rating Value,
- There is a significant difference between the Rating Value and the Fair Market Value of the property,
- There appears to be obvious errors in the assessment.
In these circumstances we recommend obtaining an individual reassessment.
If you’re uncertain about whether your Rates Value is a fair reflection of the current Market Value of your property, we’d be happy to discuss this with you before you pay for a reassessment valuation. We can also help arrange for the assessment at no extra cost.
As time passes the current Market Value may differ from the Rating Value because of changes occurring in the market. For help understanding your Rating Value please call us on (06) 835-4321.
