A revaluation doesn't mean the council collects more rates, although it may change the way the council's budget is divided among ratepayers.
The council says the Covid-19 pandemic delayed revaluations, meaning property owners are receiving their valuation notices later than in previous years.
The new rating valuations represent the likely selling price if the property had sold on September 1, 2021. Rating valuations are a snapshot in time and prices may have changed since then.
Independent registered valuation company Opteon carried out Hamilton's revaluation, and the process has been audited and approved by the Office of the Valuer-General, the council says. See: Rates unravelled.
"Hamilton's substantial growth in the past few years has been due to several factors including low interest rates and increases in both first home buyer and investor activity," says the council's financial support services manager Matthew Bell.
"Demand for housing has continued to drive infill development such as units and townhouses, increasing values in some of Hamilton's more established suburbs. Large blocks of land in the future development areas of Peacocke and Rotokauri have seen the larger increases driven by the demand for land across the city. Hamilton's industrial market has also seen high growth following nationwide trends."
What does this mean for Hamilton's rates?
"There is a common misconception that a large valuation increase automatically means an equivalent rate increase. It's not necessarily the case," said Bell.
What determines a rates increase is if a property's CV increased more than the average for the property type.
The council does not collect more rates as a result of a revaluation, rather budgets are set through its Long-Term and Annual plans, which determines the total rates needed to provide services to the city.
The council is proposing a 4.9 per cent average rates increase from July 1, 2022 as set out in the 2021-31 Long-Term Plan. This will be confirmed in June.
A residential property with a CV increase of about 57 per cent should see a rates increase of about 4.9 per cent. A commercial or industrial property with a CV increase of about 40 per cent should see a rates increase of about 4.9 per cent.
If a property changed by more than the average, a rate increase will be more than 4.9 per cent. Less than the average, it may be less than 4.9 per cent or could decrease.
Not all rates are based on property value. Some rates are a fixed amount and are not affected by the revaluation. The council says staff are now working through what next year's rates look like for individual properties and will make this information available over the coming weeks.
Find your property's value
Property values are being delivered directly to homeowners and ratepayers, and can be found on the council's website or at the council offices, 260 Anglesea St.
If you don't agree you can object
People can object if they don't agree with their new valuation. Objections need to be lodged before June 8. You can find out how to do this on the back of your rating valuation notice or on the council website.
