Property valuations

The current Hamilton City rating valuations are based as at 1 September 2021. Our independent valuer Opteon is currently working on the 2024 Hamilton City property revaluations. The updated rating valuations will be based as at 1 September 2024.  

At this stage we’re aiming to have new values available by late June 2025, once the valuation outcomes have been audited and approved by the Office of the Valuer-General. This process can be quite dynamic, and dates may be subject to change. 

We will email and post the updated valuations to all property owners at that time. 

The revaluation is required by law and helps calculate rates for the next three years. 

An independent valuer assesses property values as at 1 September 2024. Factors considered in the revaluation include recent sales data, property location, land size, building size, and condition, as well as any improvements made to the property. 

No. The revaluation helps us work out individual ratepayers’ share of rates, but it doesn’t affect the amount of money Council collects from rates as a whole. 

As set in the 2024-2034 Long-Term Plan, a 15.5% average rates increase will apply from 1 July 2025. 

How your rates change will depend on how your property’s Capital Value has changed compared to the average for the property type.  

It’s a bit early for us to know exactly what any changes will look like, although given the market has softened from three years ago, we do expect average values to come back down a bit from 2021 levels.  

Example 
To demonstrate how rates may change, the below example is based on a hypothetical average capital value decrease of 10% across residential property.  

• In this example, a residential property with a capital value decrease of about 10% would see a rates increase of about 15.5%. 

• A residential property with a capital value decrease of more than 10% would see a rates increase of less than 15.5%. 

• A residential property with a capital value decrease of less than 10%, or a capital value increase, would see a rates increase of more than 15.5%. 

Once we have final confirmation of the 2024 valuations, we will update the above example to reflect this.  

Not all rates are based on property value. Some rates are a fixed amount and are not affected by the revaluation. 

Your rates won’t necessarily change by the same amount that your rating valuation has changed by. 

The revaluation helps us work out individual ratepayers’ share of rates, but it doesn't affect the amount of money Council collects from rates as a whole.  

As set in the 2024-2034 Long-Term Plan, Council has forecast a 15.5% average rates increase from 1 July 2025. 

Rating valuations are based on a snapshot in time. Because property prices are always on the move, your 1 September 2024 valuation may not reflect your property’s market value if it sold today. If you need a current market valuation, you can purchase this from a registered valuer. Council is not involved in this, and it won’t affect your rating valuation. 

Land value: The value of just the land as if it had no buildings on it. This is based on its highest and best use for e.g. if the land can be developed.   

Capital value: The total value of your property including land and buildings. This is an estimate of what your property may have sold for on 1 September 2024 (excluding chattels).  

Value of improvements: The value of improvements is simply the difference between your capital value and land value. Although it reflects the value added by any structures on the property, it does not represent a replacement cost to build or the insurance value of buildings. 

Commercial and industrial properties are determined by the market and other factors such rental returns. They do not include chattels, nor do they include GST.  

There are a few explanations for this. 

The value of improvements is not individually assessed value.   

The improvement value is calculated as the difference between your properties capital and land values. 

VI = CV – LV. 

A rating valuation must take into account a the ‘highest and best use’ of the land.  

Often, large sections and corner sites suitable for development have a higher proportion of land value when compared to a smaller site. This is because further development of the land may be deemed as the ‘highest and best use’.  

This would be supported by sales evidence, particularly in a strong development market.  If the Land Value (LV) has increased at a higher percent than the Capital Value (CV), then the Value of Improvements (VI) must decrease, and vice versa.  

Councils hold details on every property in New Zealand, including yours. Properties with similar attributes such as land area, and age of building, condition and location are grouped together.  

A value trend (determined by relevant sales) will then be applied to the group in which your property sits. 

A house that has been newly built or renovated since the last revaluation will receive an updated rating value that reflects what it would have been worth if it existed on 1 September 2024. 

If you wish to object to the updated valuation of your property, you will have the opportunity to lodge an objection. This is part of the legislative process to ensure the values are as correct as possible. 

The process to lodge an objection is straightforward and we will let you know how this can be done once we have final confirmation of the new valuations.  

We’ve improved our rates payment system by introducing new, easier and more flexible ways to pay your rates. This new platform gives you the freedom to manage your rates payments to suit you. Find out how to set up flexible payments here.

Homeowners on a low income can apply for a rates rebate from central government as well an additional rebate from Hamilton City Council. Find out about rates rebates for the current year on our website here.