By Tim Stokes
Rateable values are all over the show. They always have been and always will be, as long as properties are not individually inspected.
QV or whoever does the rateable values in your area simply doesn't have the resources to visit every property when ratable values are due for reassessment. Therefore there has to be some sort of in-house assessment, done with the help of a computer.
The problem with this is that a computer is only very good at working things out based on the correct data being fed into it. If no-one has actually inspected your property and seen the shiny new taps, or conversley the gap where you removed the supporting wall last year, then how the hell will the computer ever work out a fair value. Simple, it can't. Well not very accurately anyway.
The other issue with rateable values is timing. To get the new rateable values out on time, the sales data collection, research and calculations have to be carried out well before the rateable value release date. Unfortunately what happens then is very much like the fashion industry. By the time we hear what's in, it's out! Argghhh!
To get a grip on what a property is really worth I advise that you:
a) forget about the rateable value and
b) do your own market research by keeping a good eye on what is selling in your neighbourhood and making your own, informed judgements.
Homewardfound has developed a tried and tested method to assess a property's true market value. This method uses some simple steps that anyone can follow.
This article is used with kind permission from Homewardfound.co.nz, a resource of free articles and information for first home buyers and newbie investors.
Visit www.homewardfound.co.nz for more information.
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