Revaluation and how it affects rates

Te arotake me te whakaaweawe o kā rēti

The revaluation currently used for rating purposes was at 1 September 2021. The values have been used for rating purposes since 1 July 2022. The next revaluation will be at 1 September 2024, with the new values being used for rating purposes from 1 July 2025.

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2021 revaluation

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2024 revaluation underway

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How has the 2021 revaluation impacted the rates I pay?

Although the total capital value (CV) has grown by around 52%, the impact of the revaluation on rates is more pronounced for some types of property.  

If a property experiences a rating value change of significantly more or less than the 52% average, rates payable will change up or down according to the degree of difference.  

The main issue that has arisen from the revaluation is that Commercial properties are now picking up 0.8% more of the rates burden whilst Accommodation is paying 1.0% less overall.

To maintain a closer alignment with pre-existing rating apportioning, Council has adjusted the rating differentials to decrease the overall contribution of Commercial property types and to increase Accommodation property types.

These adjustments have the following impact on the allocation of rates: the allocation for Accommodation is now to 13.4% (up 0.6%) whilst Commercial is now 13.1% (down 1.1%). This more closely matches the pre-existing allocation using the current (2017) CV.

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. This rating revaluation for Queenstown Lakes District was originally scheduled to take place in 2020, but was deferred due to COVID.

More detailed information on the revaluation and how it affects the rates you pay can be found in the recent Council report to set the 2022-23 rates.

Setting of Rates 2022-23 – Council report 1 September 2022.

2024 three yearly revaluation underway

Work is well underway on Queenstown Lakes District’s latest general property revaluation with an expected delivery date of the first quarter of 2025.

New three-yearly rating valuations are being prepared for every property in the district. The revaluations are being undertaken by independent valuers Quotable Value (QV), with new values being processed for every property based on its most likely selling price if it had sold on 1 September 2024. 

New rating valuations are due to be sent to property owners after they are audited and certified in March next year.  The revaluation will not have any impact on your rates until the three year period starting 1 July 2025. 

In the meantime, property owners can find out more about rating valuations on QV's website.