Rating valuations are required by law to provide councils with a uniform basis for levying certain local authority and regional council rates. They are completed by independent valuers appointed by Council via a tendering process and must be completed for the Rotorua District once every three years (e.g. current revaluation date 1 July 2017).
The valuations are audited by the Office of the Valuer-General, and must meet the requirements of the Rating Valuations Act 1988, the Rating Valuations Regulations 1998, and the Rating Valuations Rules.
Rating valuations can also be a useful guide for property owners and prospective purchasers to use as a starting point to determine the current market value of a property, as they are based on the local property market at a fixed point in time. However, the valuations are prepared using rating methodology and are for rating purposes. They are not prepared on the same basis as a private registered valuers report.
The rating capital value of a property also does not include any chattels, (e.g. carpets, curtains, heat pump, stove, dishwasher and light fittings), stock, crops, machinery, goodwill or plantation trees.
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