Only homeowners who saw their land value decrease by far more than the average will likely see a fall in rates.
However, Northland REINZ spokesman Graeme Lester said the QV had little relation to a property's selling price as that was driven by the market value.
"Most people seem to forget that the QV is a value established by the Government so that it can have a written value of all properties in the country," Mr Lester said.
"For example if there are four homes in a street worth $100,000 and one worth $500,000 and the $500,000 one is the only one that sells in that street in the three years and only goes for $400,000 the QV is then adjusted for all the homes in that street down by 20 per cent to reflect recent sales in the street.
The new values were already causing a few problems with some buyers using them to try to drive down a property's price since they came out last month.
"Buyers are trying to use them to their advantage and sellers are terrified that they have suddenly lost a lot of money. But the asking prices last week are the same this week and selling prices won't change much, if at all, because of the new QVs,"
Mr Lester said.|QVNZ Northland team leader Bruce Wiggins said overall capital values in the district have dropped on average by 7 per cent, land values by 12 per cent and industrial land values have suffered the biggest fall, down 27 per cent.
"Values for coastal blocks have also fallen, whilst quality properties in other areas are holding their value," he said.
"This is evident in Bream Bay and some other coastal areas, where values have fallen more than most, mainly due to the large amount of available land in the area. In contrast, Waipu and Langs Beach have seen little to no movement.
"The market for vacant sections has struggled over the three years, due to low demand, coupled with over-supply."