Modified revaluation method approved for CCC

The Government has approved changes to the way the Rating Valuations Act 1998 applies to Christchurch City Council, enabling it to start a long awaited general revaluation later this year.

Land Information Minister Maurice Williamson says the council will be able to apply a modified method to conduct the revaluation.

“Values will be assessed from sales data, including where EQC and private insurance entitlements were assigned, and will not recognise the effects of physical earthquake damage on individual properties.

“This approach reflects Christchurch property market practice. The implementation of a practical and robust rating valuation system will allow the council to conduct a general revaluation that reflects the value changes that we know of and will improve some of the current inequities between Christchurch ratepayers,” Mr Williamson says.

Administered by Land Information New Zealand, the Rating Valuations Act 1998 requires property rating valuations to be reviewed every three years through a general revaluation.

Christchurch City was due for a revaluation in 2010, but because of the Canterbury earthquakes this was delayed until December 2013.

“With a large number of unrepaired residential properties still existing in Christchurch, it is impractical and too costly for the Council to conduct a normal general revaluation this year,” Mr Williamson says.