What is land worth? Who decides? In New Zealand, independent registered valuers determine the value of properties, based on a range of factors. While Land Information New Zealand (LINZ) does not carry out valuations, through the Valuer-General, we set the standards for how they are undertaken. This helps to ensure that valuations are all to the same standard wherever they are carried out in New Zealand – meaning that buyers and sellers can have confidence in the value of their land.
To carry out valuations for property owners, valuers must be certified by the Valuers Registration Board, which is chaired by the Valuer-General. Once registered, valuers must renew their practising certificate each year. If you are unhappy with the work of a valuer, you can take your complaint to the Valuers Registration Board.
Local councils also commission property valuations that help to set their rates. Councils undertake ratings valuations of all properties within their areas at least every three years. The Valuer-General audits the valuers who carry out these rating valuations – and their work – to ensure that they meet national standards. These audits include checking the overall accuracy of the valuations and the processes that have been used.
Valuations of earthquake affected property
The rating valuation process in Canterbury was significantly affected by the devastating 2010 and 2011 earthquakes. A modified rating valuation system is now in place to reflect the changing values and to help reduce the inequalities experienced by property owners and ratepayers while a robust footing for valuations takes shape.