Property owners in Queenstown Lakes District will soon receive new three-yearly rating valuations in the post.

Updated values have been prepared for all 32,604 properties in the district by independent valuers Quotable Value (QV) on behalf of Queenstown Lakes District Council. 

They reflect the likely price a property would have sold for on 1 September 2024, not including chattels.

Since the district’s last revaluation in 2021, the value of residential housing has increased by an average of 18.3 percent, with the average house value now sitting at $2,035,732 and the average land value topping $1M at $1,076,925.

These averages are heavily skewed by the upper end of the market, QV South Island revaluation manager Melanie Halliday noted, adding that the median house value in Queenstown Lakes is $1,610,000 and the median land value is $860,000.

Queenstown Lakes District Council (QLDC) will use the new values as the base for setting rates from July 1.

Council staff are now reviewing the values to assess the impact on rates for individual properties, QLDC general manager assurance, finance, and risk Katherine Harbrow said.

"Rating valuations help us determine everyone’s share of general rates collected. But it’s important to keep in mind that it’s just part of the picture. 

“Rates are based on council’s Long Term Plan and annual budgets and applied based on a range of factors such as the use of a property and its location."

An increase in your property value may not mean you pay more in rates, she said.

“Any rates increase is determined by your property value increase compared with the average increase across the region.”

Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your area. They are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards.

New rating values will be posted or emailed to property owners from March 19 (next Wednesday). 

If owners do not agree with their rating valuation, they can submit an objection before April 24.

PHOTO: Wānaka App