Quotable Value has been awarded the tender for Christchurch's rating valuation services ahead of the city-wide revaluation next year.
Christchurch City Council has completed a competitive tender process for the contract and Quotable Value (QV) was awarded the contract based on price and service quality. QV is the largest provider of rating valuation services in New Zealand.
City rating valuation services have been carried out by GEM Valuation Limited since 2002 and the Council has been happy with the standard of work. The tender was issued to the market as part of ongoing reviews to ensure the Council is getting the best price.
Corporate Services General Manager Paul Anderson says there is a big job ahead as the Council prepares for a city-wide revaluation in late 2013.
The Council is required to regularly value all city properties. Rates are allocated based on these values.
"The Council was due to carry out a city-wide revaluation in 2010, however this was delayed as a result of the earthquakes. City rating valuations are right now based on work done before the earthquakes in 2007.
"Next year's revaluation will be a big task as many property values are likely to have been affected by the earthquakes. We understand that there will be significant public interest in the outcome of the revaluation process," Mr Anderson says.
The revaluation is a largely statistical exercise based on recent property sales for comparable locations and properties. The valuers do not visit each individual property in the city because of the time and cost involved in doing so.
"I am very pleased with the appointment of QV as the Council's valuer. As well as providing an extremely competitive price, QV has the scale, experience and the expertise needed for this complex project. QV will follow a similar process as has been used in the past when it carries out the revaluation next year. However, we are expecting that it will take a little longer than usual as a result of the earthquakes. We expect there will need to be more individual inspections than in the past, an increase in the importance of valuer judgement and a greater level of interest from the public in the process."
Under current legislation, the city's general revaluation must be completed by December 2013. This is followed by a standard objection period until early 2014. The new valuations would be in place for the 2014/15 rating year.
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