A Rating Value (RV) is an indicative market value of your property at the date of valuation and is used to apportion rates within the district. The RV was previously known as the Government Valuation (GV). RVs are compiled in accordance with the Rating Valuations Act 1998. Quotable Value (Council's service provider) undertakes valuations on our behalf every three years. They are calculated using a mass appraisal process. The most recent revaluation is dated 1 September 2020, which will be the basis rate used for the current rating year.
For more information on rating values, visit QV's website or download Understanding Your Rating Value(PDF, 4MB).
Your valuation components
Capital value (CV)
The capital value is a likely price that could possibly be paid for the property at the valuation date. It’s the total of the land value and improvements value the total value of your property.
Land value (LV)
Land value is a likely price that could possibly be paid for the bare land at the valuation date.
Value of Improvements (VI)
Improvement value is the difference between the capital value and the land value. It reflects the value of the property’s buildings and other improvements.
CV = LV + VI
Every council must review how each of its activities is funded and develop the funding approach it believes best matches its community. While most Council activities are funded in some part by user charges or subsidies, they still require some input from rates.
The following table illustrates the activities Council undertakes and the rating method selected. As you will see, most of the rates on your rates invoice fund a number of different activities. Further information is contained in the Funding Impact Statement and Revenue and Financing Policy in the Long Term Plan.