This year’s rates have been set using the valuation of property undertaken in 2023.
Council is legally required by the Rating Valuations Act (1998) to review valuations every three years.
The independent valuer assesses residential, lifestyle, rural, commercial, and industrial property. They assess Land Value (how much the land is worth), the Improvement Value (how much the property or improvements on that land is worth) and combine them to create the Capital Value.
This valuation is audited and approved by the Office of the Valuer General.
Once that’s done, the valuer send ratepayers a letter explaining their new Capital Value with a breakdown into Land Value and Improvement Value. Ratepayers have the opportunity to contest or object to the valuation before they are finalised.
Valuation based ratings make up under one-third of your overall rates bill. However, valuation determines the proportional contribution of properties. If Council has a required rates income of $50,000,000, then the valuation-based part of that rates income will be proportionate to the valuation.
A change in property value does not change the total required rates income Council requires – it simply changes the share of the required rates income for each property.
New valuations of the Waitaki District’s property are currently underway. Ratepayers will receive a letter regarding the new values for their property later in the year. While the new values will apply from 1 July 2026, they will not affect the rates due for this financial year.