Delay in release of updated Masterton rating valuations
Quotable Value New Zealand (QVNZ) has delayed the release of updated Masterton District rating valuations (RVs) due in December 2023, following the audit process carried out by the Office of the Valuer General (OVG).
These are now expected in late January 2024.
All New Zealand RVs are reviewed and audited by the OVG prior to the valuations being notified to individual property owners and the general public.
QVNZ’s three-yearly RVs reassessments are used by the Masterton District Council to apportion rates among the district’s 13,500 ratepayers. The valuations reflect a snapshot of market values as at 1 September 2023, based on recent property sales.
This year, the OVG pointed out that due to low numbers of sales for some property types in the rural area, QVNZ should look outside the Masterton district for more market evidence, including the wider Wairarapa and Tararua districts.
While the additional sales data will support QV’s valuation assessments, collating the additional information will mean the valuations will not be available until late January 2024.
Masterton District Council appreciates that ratepayers were expecting their rating valuations next month, but the revaluation process must meet the OVG’s quality control criteria.