Hi, we own a 4 bedroom, 1 bathroom, renovated 2 hectare lifestyle block in Timaru and have received this year's rating valuation set at $380k. Its previous rating's valuation (2014) was $315k.
This is well below the market value of the property and has not taken into account the significant improvements made to the property as it has not been inspected in person by QV in the last 9 years at least.
Comparable properties in the same area have had ratings valuations of around $460k or more.
Whilst I realise that this may mean our Rates are lower I am also wondering if the low valuation would have an unconscious influence on how much an official surveyor would value the property at (necessary for re-financing) or how much a potential purchaser perceives the value of the property to be.
Should I lodge an objection?
This is well below the market value of the property and has not taken into account the significant improvements made to the property as it has not been inspected in person by QV in the last 9 years at least.
Comparable properties in the same area have had ratings valuations of around $460k or more.
Whilst I realise that this may mean our Rates are lower I am also wondering if the low valuation would have an unconscious influence on how much an official surveyor would value the property at (necessary for re-financing) or how much a potential purchaser perceives the value of the property to be.
Should I lodge an objection?
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