The district-wide revaluation of Marlborough properties is underway.
Quotable Value Limited (QV) has been contracted by Marlborough District Council to carry out the revaluation. The council is legally obliged to ensure a revaluation of properties is done every three years for rating purposes.
There are approximately 27,000 properties, including 19,000 residential properties in Marlborough.
Property owners will receive their new property values in the mail, from 27 September.
Valuers may inspect properties sold recently, those where building consents show work has recently been completed and a selection of properties for external assessment. They will be carrying identification at all times while undertaking these inspections.
Market value is established by considering relevant property sales from each area around the time of the valuation. A market trend is established and applied to properties. QV has plans and data on each property in the district. It also uses information from sources such as websites and Council records. In the case of commercial, industrial and rental properties QV will take into account rental returns.
Council Chief Financial Officer Martin Fletcher says while the effective date of the revaluation is 1 July 2017, the new property value information is not used by the Council to set rates until the following rating year, beginning 1 July 2018.
The only exception is where a subdivision takes place, in which case a new 2017 valuation will be undertaken.
QV works closely with Land Information New Zealand regarding methodology and revaluation results. There is a formal objection process handled by QV for ratepayers who wish to object to their valuations. QV must receive any objections by the beginning of November 2017.
Mr Fletcher says that, to ensure the integrity of the information, valuation methods and processes are subject to the Rating Valuations Act and are audited by the government’s Office of the Valuer-General.