Rating valuations

Every three years, we look at the value of all properties to ensure rates are distributed fairly.

The latest rating valuation was done at 1 September 2024 and reflects market conditions at that time. This will be the basis for rates calculations until the next valuation in 2027, regardless of any change in the market.

The rating valuation is used to determine your share of the city’s total rates. 

About rating valuations

A rating valuation is a required assessment of a property's value in relation to current market values.

Independent valuers Quotable Value (QV) assessed the value of all properties as of 1 September 2024. These updated values are used to calculate how rates are divided up from 1 July 2025. 

Use the Property Search tool to find a property's rates and valuation details.

To provide fair, transparent property rates, we use standard rating valuations governed by the Rating Valuation Act 1998 and audited by the Office of the Valuer-General.

Valuations and rates

We collect a fixed amount of rates each year, as outlined in the current Annual Plan or Long-term Plan.

If you think of rates as a pie, the size of the pie does not change because of new rating valuations. However, your slice of pie might get bigger or smaller depending on how your property value has changed in relation to the average change of values across the city.  

The rating valuation won’t impact rates until 1 July 2025. 

If the value of your property has gone down more than the average, then your share of the general rate will go up by less than the average rates increase. If your property’s value has reduced less than the average, then your share will go up by more than the average rates increase. 

Example of how the rating valuation effects rates

In a city of three properties, each one is worth $1,000,000, so the city’s total value is $3,000,000. Each property makes up 33% of the city’s value, so they each pay 33% of the total rates requirement.

Three years later, there is another rating valuation. Now the city’s total value is $2,400,000. Their share of the total rates requirement has changed based on updated values.

Your valuation components

Land value

Land value is the probable price that would be paid for the bare land at the valuation date. It includes any development, such as:

• drainage
• excavation
• filling
• retaining walls
• reclamation
• grading
• levelling
• vegetation clearing
• soil improvement, or
• protection from erosion or flooding.

Improvement value

Improvement value reflects the value of the property’s buildings and other structures.

Capital value

The capital value is the probable price that would be paid for the property at the valuation date. It’s the total of the land value and improvements value – the total value of your property. It doesn’t include chattels. Residential values include GST, other property types do not.

Land Value + Improvement Value = Capital Value

Property improvements

Between three-yearly revaluations, we send details of all building consents to Quotable Value, so improvements being made are included in the valuation.

Before 1 July or when renovation work is complete, QV checks the property and amends the valuation to include the work. If the project is not complete before 1 July, values will be re-assessed to include work completed at that point and checked each year until finished. You will receive a notice reflecting the revised value. This notice supersedes any previous valuations.

If you've done major work on your home that didn't need consent, for example rebuilding a kitchen, you can contact Quotable Value to include the improvements in the next revaluation.

For more information on rating values, visit About Rating Valuations on QV’s website. You can also email ratingsupport@qv.co.nz or phone 0800 786 822 to talk to Quotable Value directly.

Valuation release 

The final rates and their effect on your property will be determined by the Council in June 2025 as part of the budgeting and rates setting process. The Council will decide the total funding required to provide essential services and infrastructure for our community, which will define the “size of the rates pie.”  

The value of most homes in Wellington is lower than during the very high peak of 2021.  

The total value of properties across Wellington City has decreased by 21.7% since the last revaluation in 2021. 

What this means for you 

The total amount required to fund services, or “the size of the rates pie,” is determined through the Council's budget process. The revaluation process affects how the pie is sliced. 

There are three potential impacts. 

• Your property value has decreased more than the average, therefore your rates increase will likely be lower than the average increase. 
• Your property value has decreased in line with the average, therefore your rates increase will likely be similar to the average. 
• Your property value has decreased less than the average, therefore your rates increase will likely be higher than the average. 

The exact rates for 2025/26 will depend on the Council's decision in June 2025 regarding the total funding required to provide community services. 

Objecting to your valuation

Your rating valuation notice will be issued to you by QV. 

If owners do not agree with their rating valuation, they have a right to object through QV. You can do this through the QV website:

Object to a Rating Valuation – QV 

Objections must be in writing and can be lodged online.   

You may also phone QV on 0800 786 822 to discuss your rating valuation values.  

Any objection needs to include the following details:  

• The valuation reference number  
• The address of the property you’re objecting about  
• A daytime contact telephone number  
• Your postal address  
• Your reason for objecting  
• Estimates of what you believe are the Capital Value and Land Value   

Objections must be submitted before 31 March 2025.