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Wednesday, 10 February 2021

Rating Revaluations Deferred until Spring 2021

Delay due to the unique circumstances of COVID-19 and its effects

Property owners in the Queenstown Lakes District normally receive a triennial Notice of Rating Valuation with the latest valuation having been due in 2020. This rating revaluation is completed by Quotable Value (QV) on behalf of Queenstown Lakes District Council (QLDC), providing an updated rating value for the property which is used by the Council in setting rates for the next three years.

QLDC General Manager Finance, Legal & Regulatory Stewart Burns said that due to COVID-19, QLDC has been in discussions with QV and the Valuer General about their proposed 2020 valuations with the outcome being that the Council has applied for a deferral of the General Revaluation until 2021.

“The Council does not believe that QV is likely or reasonably able to complete a credible revaluation based on an effective date of 1 October 2020 given the unique circumstances of the global pandemic and its effects on the district and national property markets.”

“The Valuer General has therefore approved this requested deferral until 2021, and this is most likely to take place in late October or early November with an effective date of 1 September 2021. QV is confident that it will be able to assess values for all property types under this revised timeframe,” said Mr Burns.

A Rating Valuation is the estimated property price at the effective date of valuation. Rating values are independently audited by the Office of the Valuer General, and are not intended for the purposes of insurance or current market valuation.

This General Revaluation will be effective for rates from 1 July 2022.
ENDS|KUA MUTU.
Media contact: communications@qldc.govt.nz or call 03 441 1802.