From next week ratepayers will find their rating revaluations from the Thames Coromandel District Council in their letterboxes.

If you wish to challenge the results of your revaluation TCDC says you have until December 24 to lodge your objection.

Ratepayers will begin receiving their rating revlauations from Thursday, November 20. Image: File

Rating values reflect the value of property, excluding the chattels, and are prepared on behalf of TCDC by Quotable Value.

Notices will be mailed out next Wednesday and a hard copy of the District Valuation Roll will be available for inspection at all council offices on the same day.

During a general revaluation anybody can lodge an objection, meaning you do not have to be the ratepayer or owner of a property to object to the value presented in the revaluation.

The calculation of rating values and how they impact on rates is complex and varies between council regions.

A process called 'mass-appraisal' is used to calculate them and the methodology is utilised all over the world.

Rating valuers consider relevant property sales from your area around the time of the valuation.

They then use trends for similar properties, check building consents for previous work done in those areas, and assess other changes like subdivisions, sales inspections, objections and ratepayer requests to update rating values.

Their process is then independently audited by the Office of the Valuer General.

If you have any questions or concerns call the Thames Coromandel District Council on 07-868-0200.

WHY SHOULD I FILE AN OBJECTION?

Objections are part of the valuation process because they give property valuers an opportunity to assess individual factors they may not have been aware of.

These factors may not been considered as part of the value assessment, for example: the installation of a new kitchen at a property.

Valuers use Council records like building consents but many changes to properties that increase its market value do not require building consents.

If a property owner has recently upgraded a bathroom or a kitchen on a rental property and there is no record of those improvements, they should use the objection process to update the valuation to reflect those improvements.

All property owners who wish to object need to have the correct forms completed and returned to council by the end of office hours on Wednesday, 24 December.

To download an objection form click here.

To learn more about the process visit the Thames Coromandel District Council's QV website page page here.