Waipā revaluations delayed
Waipā rating revaluations have been delayed until February 2023.
Revaluations of all properties across the district were due to be finalised this month. But Council’s independent provider, Quotable Value (QV) has advised it cannot provide a robust and quality result in that timeframe. Instead the revaluations will be completed in February 2023, with all Waipā property owners advised of new valuations by March.
Waipā District Council deputy chief executive Ken Morris said the delays are a result of QV staff shortages, changed and more complex regulations and a rapidly changing residential property market.
“QV have advised that those factors combined have created enough concern for them to recommend delaying the valuations,” Morris said.
“QV’s absolute priority is to get it right and deliver a robust result. That’s Council’s priority too. Right now, it’s like trying to hit a moving target. On that basis, we have accepted their recommendation of a delay.”
The Office of the Valuer General (OVG), the government body that oversees all rating valuations, has also agreed QV should delay the Waipā revaluation work to get a good quality result. The OVG certifies all rating valuations, nationwide.
Waipā’s new property values will be based on the most likely selling price as at August 1, 2022. Valuations will be used by Council to help set the equitable distribution of rates for the 2023/24, 2024/25 and 2025/26 rating year. They are not intended to be used a market valuations.
If owners do not agree with their new rating valuation, they will have a right to object.
Property revaluations were last done in Waipā in August 2019. At that time, the district saw an average 24.8 per cent increase in the capital value of property.
