Flood of objections to new valuations
Christchurch property owners seeking a review of the valuation placed on their property may not hear the outcome before the new valuations take effect on July 1.
That is because Quotable Value (QV), the company contracted by the Christchurch City Council to revalue the city's 165,000 properties, is getting flooded with objections.
Last month every property owner in Christchurch received notification of how much their property had been revalued at for rating purposes.
It was the first revaluation in six years and in nearly all areas of the city property prices had increased - in some cases by up to 43 per cent.
Almost 80 per cent of properties experienced a rise of 10 per cent or more.
The valuations were based on recent property sales and did not take into account earthquake damage because they assumed the damage was covered by an insurance claim that would return the property to its pre-quake state.
The new valuations are scheduled to apply to rates from July 1 but QV is warning people who have lodged objections to the valuation placed on their property that it may not have completed its review by that date.
Less than half-way through the six-week objection period, QV has received 1279 objections.
QV communications manager Andrea Rush said it was too early to tell what the final number of objections would be as the objection period did not end until April 28.
"QV will be working towards processing all of the objections by July 1, however, some may not be processed by this date," she said.
The Christchurch City Council will levy rates from July 1 based on the values issued last month but a spokeswoman said if an objection processed after that date resulted in a change to the valuation, rates would be updated accordingly and backdated.
The Waimakariri district's 25,000 properties were revalued last year on an "as is, where is" basis. That revaluation resulted in 330 objections.