Are you a homeowner in Palmerston North? NEW rateable value's for the Palmerston North market has been released.
Learn what you need to know.
If you haven’t yet received your new rateable value then you can check it online on the Council website by clicking below.
The RV of your property is only assessed ONCE every three years, so it’s extremely important that it’s correct! It’s also what buyers use as a guide when viewing properties for sale, so you want to ensure it reflects the value of your home.
Your RV will be assessed by a company called Quotable Value on behalf of Palmerston North City Council. When your RV arrives, if it doesn’t accurately reflect your home’s value then you get one free opportunity to object. This must be done before 29 January 2022.
The best way to obtain an accurate assessment of your home’s value is to get a Current Market Valuation (CMA) from a licensed Real Estate agent – you can then use this as a comparison.
Watson Integrity is offering FREE CMAs and advice on the RV process to all homeowners – with no obligation at all to sell. We can conduct a free market appraisal for you to use as a comparison against your new RV.
The revaluation of all the City’s properties doesn’t increase the total amount the Council collects from rates, it helps them work out everyone’s share of rates. That means an increase in your property’s land value may not mean you pay more in rates. If your property has a ‘below average increase’ it’s likely to have no impact on rates and in some cases, may mean you pay less. A ‘higher than average’ increase could result in a rates increase.
New RV Public Notice date: 31 October 2021
Last Day for Objections: 29 January 2022
When your RV arrives, if it doesn’t accurately reflect your home’s value then you only get one free opportunity to object.
This must be done before 29 January 2022.
You can make an objection online, or by a letter to Quotable Value. Your objection will need to include an estimate of what you believe the true value of your property is. This is where you can use a Watson Real Estate Current Market Appraisal (CMA) as your evidence. The agent who carries out your appraisal can give you further advice on this.
More information on the objection process is available on the Quotable Value website.
Your RV is calculated by a valuer from Quotable Value who will use software to analyse recent sales and compare similar properties to determine your home’s new value.
Because of the large number of properties in NZ it’s unlikely they will view your property in person. This is particularly relevant if you have done any renovations to improve your home over the last three years, as these may not be taken into account.
Download our free mini-guide for more information on the RV process, including what to do if you disagree with your new value.