CV stands for capital value, it is also known as an RV or a GV. It is an estimate of the total value of a property, taking into account a variety of factors including the value of the actual land itself, the value of your house, any other improvements you have made to the land, the location including school zones, and recent house sales in the area. All Napier City CVs are calculated every three years by the Council, the most recent was in 2017.
How are CVs calculated?
CVs are calculated using mass appraisal techniques - meaning valuers don't personally visit and assess every single home.
Instead, when the council assesses the value of each property, it considers the following factors:
what prices properties are selling for in the neighborhood.
the type of property – house, townhouse, factory, shop, etc.
information about industrial and commercial rental trends obtained from market surveys.
changes that have been made to a property since the last revaluation.
However, a CV will also be used as a yardstick for a property's value because it doesn't take into consideration the internal unique factors or quality finishes, recent renovations, or other enhancements that add value.
What happens if I think my CV is low?
In the current market that is very possible with house prices rapidly increasing, the new CV's may not have kept up with the increases in the market so your new valuation may already be less than the price you could achieve for your property.
Can I challenge my CV increase?
If you are not happy with the new CV for any reason, you have the right to lodge an objection. You have until the 22nd of January 2021 to raise an objection (via an online form or in writing) at no cost. Outside of this timeframe you can still raise an objection however, there will be a cost involvement. This means an inspector will visit the property to decide if the valuation should change. Visit the Napier City Council website for more information.
What should I do if I want a more accurate indication of my property's value?
If you would like a more accurate report of your property's value which takes into account any renovations, features or improvements, or simply advice around the new CV's then please get in touch with one of our sales consultants.