Comprehensive revaluation in progress
The Queenstown Lakes District is currently undergoing a detailed revaluation of all properties within its jurisdiction.
Independent valuer Quotable Value (QV) is spearheading the effort, ensuring that each property’s new rating valuation reflects its most likely selling price as of Sept. 1 of the previous year.
Methodology and timeline
Melanie Halliday, QV’s South Island revaluation manager, explained that the valuation process involves a meticulous analysis of recent local property sales, Otago Daily Times reported.
“We have also visited a large number of properties throughout the Queenstown Lakes District, particularly those that have been issued building consents in the last three years,” Halliday said.
This extensive data collection and evaluation are crucial for updating the rating valuations, which will undergo an independent audit to adhere to strict quality standards.
The finalised valuations are scheduled to be audited and certified by March, with notifications to property owners set to follow shortly thereafter.
These revaluations will serve as the basis for calculating local property rates starting from July 1 and will cover the subsequent three-year period.
Importance of rating valuations
Rating valuations play a vital role in the local governance of Queenstown Lakes, providing a fair basis for setting property rates. These valuations are typically updated every three years to reflect changes in the property market and ensure that all property owners contribute equitably to local funding.
Right to object
Once the new rating valuations are issued, property owners who disagree with the assessed values will have the opportunity to object, Otago Daily Times reported.
This process ensures that all stakeholders have a voice in the valuation process, promoting transparency and fairness in the local property tax system. This revaluation initiative reflects the district’s commitment to maintaining up-to-date and accurate property assessments, crucial for fair rate setting and effective local governance.
Read the Otago Daily Times report here.
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