New rating valuations underway for Queenstown Lakes
Queenstown homeowners can likely expect pay more council rates this year, as independent valuers work to reassess what their properties are worth.
Every three years, Quotable Value (QV) uses recent local properties sales to reassess the value of every home in the district.
The valuations are then used by Queenstown Lakes District Council as a base for setting rates for the following three-year period, from July 1, 2025.
As every Queenstown Lakes homeowner knows, the value of property is generally always rising - a double-edged sword when it comes to paying council rates.
QLDC raised rates by a record average of 15.8% in 2024, as it looks to fund increasing costs and infrastructure projects.
While homeowners will have to wait to see what the percentage increase is this year, their property's value will determine the starting level from which the various multipliers are added.
QV South Island revaluation manager Melanie Halliday says the new values are being processed for every property based on its most likely selling price if it had sold on September 1, 2024,
“We have also visited a large number of properties throughout the Queenstown Lakes District, particularly those that have been issued building consents in the last three years,” she said.
"Following careful analysis of all the data by our team of expert property valuers, the updated rating valuations will be independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and eventually posted to all property owners.”
Rating valuations are not intended to be used for any other purpose besides helping councils fairly allocate rates. This includes raising finance with banks or as insurance valuations.
If property owners do not agree with their new rating valuations, they have a right to object through the objection process, which commences for approximately six weeks from when the new rating values are issued.
These details will be posted with all Notice of Rating Valuations once the revaluation has been completed and certified.
Property owners can find out more about rating valuations here.
