This information is to provide people with a better understanding of how properties are valued.
How properties are valued
- Capital value - This is the assessed probable price that would be paid for the property as at the date of the latest general revaluation. It does not include chattels, stock, crops, machinery or trees. Residential values include GST, other property types do not.
- Land value - This is the probable price that would be paid for the bare land as at the date of valuation. The Land Value includes any development work which may have been carried out, such as draining, excavation, filling, retaining walls, reclamation, grading, levelling, soil improvements, clearing of vegetation, fertility build-up, or protection from erosion or flooding.
- Value of Improvements - This is the difference between the capital value and the land value.
A rating valuation has many aspects to it, some of these are:
- Quality of the construction
- Access (drive on)
- Garaging / off street parking
- Other buildings or notable features
- Sun (aspect)
- Modernisation (kitchen and bathrooms)
- Number of bedrooms / bathrooms
- Access to local transportation and amenities
- Street appeal
Finding out or checking the value of a property
Regional rating and valuation information
- Bay of Plenty Region - The rating information for those properties within the Bay of Plenty Region are included in the Rotorua Lakes Council Rating Information Database (RID)
- Waikato Region - The rating information for those properties within the Waikato Region are included in the Rating Information Database for Environment Waikato (RID)
Valuations of multiple-owned Māori freehold land
The framework is as follows:
Each time a revaluation occurs a notice goes to the owner with details on how the valuation has been adjusted. An example of how it is applied in a valuations notice is as follows: