Rating Valuation Environment 2020 Consultation

Help shape the future of the rating valuation environment in New Zealand

What is the work?

LINZ is leading the development of a long-term (5 to 10 year) view of strategic priorities in the rating valuation industry. We’re in the process of establishing a joint working group to develop this strategic view, comprising representatives from territorial authorities, valuation service providers and rating valuation quality assurance contactors.

This work will focus on those areas of the rating valuation industry that are regulated. It does not include regulation of the private valuation industry as the Valuer-General is not mandated to manage or drive work in relation to private valuation.

Why do this work?

Regulation of the rating valuation industry has been fundamentally unchanged since 1998 when the Valuer-General became part of Land Information New Zealand (LINZ).

In 1998, the rating valuation industry underwent a significant change when the functions of the central government valuation agency (the Valuation Department) were split between the Valuer-General, (with responsibility for setting standards for rating valuations and ensuring compliance), and Territorial Authorities (with responsibility for maintaining rating valuations, either directly or through contracted service providers).

It is now considered timely to explore how the industry may change in the next 5-10 years and what regulatory opportunities this may create. Capitalising on these opportunities could result in changes to legislation and regulatory interventions.

How will we do it?

We’re undertaking consultation with industry and other stakeholders so that we learn more about where we are at present, and where we may be in the future.

While LINZ and the working group will lead the work, this is an opportunity for all stakeholders in the industry to tell us what will help them in doing business in the future and meeting their clients’ needs.

With your help, we’ll be able to form a strategic direction for regulation of the rating valuations industry which will benefit you, your clients and New Zealand as a whole.

We need your views

LINZ is now seeking your thoughts on what could form this future view.

Your input is valuable and the working group encourages and requests your participation in shaping tomorrow’s rating valuations environment. Please share your ideas with us on what should be included in a view of strategic priorities, and why they should be included.

Examples of potential topics that could inform a strategic view are:

• Data/information management and ownership
• Data/information use
• Who does valuations
• Frequency of valuations
• Technology opportunities
• Rating Valuations Act 1998 definitions

Please forward your views by 30 November 2011 on the Comments Form (MS Word Doc 40KB) or by email to pwise@linz.govt.nz