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Property revaluation

Every three years, we are required by law to assess the rating value of every property in the Waikato district. We use these valuations as a guide for setting your rates.

The 2024 revaluation is coming

The 2024 revaluation of all Waikato district properties took place in November 2023 and will impact rates from 1 July 2024.

We use Quotable Value Ltd (QV) to complete this process for us, looking at property type, location and land size. This information is used to calculate your rates and set a new rating value.

Impact of a revaluation on property rates

Revaluation helps us determine everyone’s share of rates collected.

An increase in property value does not necessarily result in increased rates. Rate increases are based on how your property value increase compares to the average increase across the Waikato district.

Rating revaluation data from QV is delayed. The Office of the Valuer General has asked QV to do some more work on the valuations for our district as part of the independent audit process. Unfortunately, this is outside our control.

We anticipate the new valuations will be available from 5 June 2024 subject to the completion of the audit process, with new rating valuation letters sent in the post from 12 June 2024. This data informs rates for our upcoming financial year starting 1 July 2024.

We’ll keep you updated as further information is available.

Property owners who wish to object, have 40 days to object from the date of letter notifying them of valuation. Objections are made through the QV portal.

Object to a property rating valuation

For more information, see How your rates are calculated.


Why do we revalue properties?

As property values are always moving we need to update our rates distribution to maintain fairness. The aim of the property revaluation is not to provide values for property owners to use for marketing, sales or any other purposes.

How do we calculate property values?

We compare recent sales in the area with the property being valued. A zoning change under the unitary plan may affect a value if it changes the way a property:

  • can be developed, such as housing intensification
  • how it is used, such as a change from a residential to a business zone. 

Our valuers work with independent organisations to determine the values. The Valuer-General audits these values to ensure accuracy.

What factors do we consider when revaluing properties?

  • Property type
  • Location
  • Land size
  • Zoning
  • Floor area
  • Consented work (renovations, new build, subdivisions etc.)

What does ‘Capital value’ or ‘CV’ mean?

CV refers to the most likely selling price at the date of valuation. The CV is also known as Government valuation (GV) or Rateable value (RV).

What does ‘Land value’ or ‘LV’ refer to?

The most likely selling price of the vacant land at the date of valuation.

What does ‘Improvement value’ or ‘IV’ refer to?

The added value of improvements to the vacant land. This is calculated as CV minus LV. The IV is not an assessment of the replacement cost and should not be used for insurance purposes.

Can I object to the revaluation of my property?

Yes, you have 40 days from the date of the letter notifying you of the valuation, during which you can object. The objection will need to be lodged through the QV portal.

You can rest assured that if your value changes as a result of your objection, we will backdate the changes to your rates accordingly.