Should the compulsion be removed for those territorial authorities that rate on land value, the decision to retain capital values will be over to them. A year of change Considering all the changes that have occurred over the last 12 months, the transition to the new environment has been remarkably smooth. We credit this to several factors, the main one being the staged introduction of contestability. Territorial authorities have been able to progress at a pace that suits them, continuity has been provided by QVNZ and the valuation industry has had time to react. The fact that ratepayers now receive a valuation notice from their council has also caused little concern.
People are still able to object to their valuation in the normal way.
We are of the opinion that the rules and audit process will increase consistency and enhance the district valuation roll. The standards that must be met are international standards and are not lower than those adopted by the old Valuation Department. The fact that an independent third party is looking at the valuations should also instil further disciplines on valuers. While the rating valuations are not government valuations, they certainly must meet the government's standards. The future The OVG has worked very closely with all involved in the rating valuation process to keep them fully aware of changes and developments.