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Three-yearly Rotorua property revaluations begin this month

News Release

Tuesday 13 May 2014

Three-yearly Rotorua property revaluations begin this month

Property inspections begin in residential areas of Rotorua this month as part of Rotorua District Council’s (RDC) 2014 programme to revalue all properties in the district for future rating purposes.

Valuation company Landmass Technology Ltd has been contracted by RDC to undertake the revaluations over the next three months. Updated property value information will then be used by the council for calculating annual rates charges from the start of the 2015/16 financial year.

Results from the revaluation project are expected to be made available to property owners in October this year.

Under legislation councils are required to revalue all properties every three years, the last having been completed in 2011.

Council chief financial officer, Dave Foster, said property valuations take into account a range of information, including property improvements recorded on council property files and market information gleaned from recent property sales statistics.

“To ensure the integrity of the information, valuation methods and processes are subject to the Rating Valuations Act and are scrutinised by the government’s Office of the Valuer-General.

“When property owners are advised of their new rating valuations in October, they’ll have an opportunity to appeal their new valuation and seek a review if they have any reason to believe the results aren’t a fair reflection of their property’s value,” said Mr Foster.

The new valuations will not be used by the council for calculating rates until the start of the 2015/16 financial year, and will remain in use for rating purposes for the following two years.

The revaluation process requires professional valuers to visit a selection of properties for external assessment but does not involve internal inspections of properties.

Valuers working under contract to Rotorua District Council will carry identification at all times when visiting properties.

ENDS

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