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Updated Rating Valuations (RVs) for Upper Hutt City and Hutt City
Rating Valuations (RVs) in Upper Hutt City and Hutt City have been updated as of 11 October 2016 and 11 November 2016 respectively. The new RVs show marked increases for many areas within these regions.
How is an RV calculated?
To calculate the RV of a property, the Council undertakes a bulk appraisal valuation exercise which compares recent sales in an area to the particular property being valued.
The Council also holds information for each individual property including property type, location and land size, zoning, floor area, views, and consented work (such as renovations) which will be taken into account when calculating the RV.
Why is an RV useful?
While the RV is not to be considered the market value of the property, it is a good starting point for working out a property’s market value, especially if you are looking to purchase the property.
However, you will need to ensure that you take other factors into consideration when making your offer, as well as the RV. Additional things to take into account include:
- works at the property that would not require Council consent such as redecoration;
- the condition of the house and land;
- landscaping improvements;
- the chattels included with the property; and
- the demand for properties of that type / in that area.
You can find the updated RVs at www.qv.co.nz, as well as on the Upper Hutt City and Hutt City Council websites.