There are times when Central or Local government entities and private enterprises acquire land or property to be used for development for public purposes. If you have been notified that they intend to acquire land or property under the relevant Act, a valuation for compensation purposes and an assessment at fair market value is required.
Regardless of the property type or jurisdiction, Opteon has a specialised valuation team that understand the requirements of the relevant legislation and will ensure that our clients are adequately represented and compensated. Our team will provide an independent valuation to assist in the compensation process, and the cost of the valuation report may even be reimbursed by the acquiring party.
The acquisition of land is undertaken in accordance with the relevant legislation pertaining to the acquiring authority. The Public Works Act 1981 provides a legislative framework to determine the amount of compensation entitled for an acquisition.
Most privately owned land, required by government for public purposes, is acquired by negotiation and agreement between the land owner and the acquiring authority. When a land owner and acquiring authority are unable to negotiate the purchase of the land, an independent valuation is required to determine the market value. In fact it is highly recommended that in every instance of land acquisition, a valuation should be obtained by the Titleholder.
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Opteon, together with territorial authorities, provide rating valuations on all types of properties. These rateable values (RV’s) are used to allocate the total rates levied by territorial authorities (city or district councils) across all properties in the region. Opteon also consults to Councils on a wide range of property issues.
Having acquired Landmass Technologies in 2016, Opteon has an established reputation with many local Councils across New Zealand. Opteon’s rating and taxing division in New Zealand is led by an experienced team of rating valuers across several districts in the North Island.
Opteon has a strong presence and a trusted reputation within the rating valuation field. The organisation has a well-developed quality assurance system, which has successfully completed several revaluations and passed all OVG audit requirements, and is well regarded by its established client base.
Opteon’s rating and taxing division in New Zealand is led by Mark Grinlinton and Garth Laing, who have been involved in property valuation since the mid-1980’s. From establishing Landmass Technology in 2004, they have brought their scope of knowledge and expertise to Opteon.
Opteon has a strong presence and an enviable reputation within the rating valuation field. The organisation has a well-developed quality assurance system, has successfully passed all OVG audit requirements, and is well regarded by its established client base.
Opteon is contracted to local government bodies to provide rating values (RVs) for all types of property. The provision of rating valuations is governed and regulated by legislation: The Rating Valuation Act 1998, The Rating Valuations Regulations 1998, The Rating Valuations Rules, and the Rating Revaluation Handbook.
These Rules are issued by the Valuer-General under ss 5 – 5C of the Rating Valuations Act 1998 in the interests of ensuring a nationally consistent, impartial, independent, and equitable rating valuation system that can be monitored and audited.
Property owners and ratepayers need to have confidence that rating valuations on the District Valuation Roll (DVR) provide a fair basis for determining rates.
The DVR provides public access to rating valuation information, and the supporting registers provide the Valuer-General with the necessary information to monitor and audit the valuation system for fairness, consistency, and equity.
Opteon works closely with Councils in New Zealand to deliver a comprehensive service around the maintenance of the District Valuation Roll (DVR) and delivery of the three-yearly revaluation of each district.
If you are interested in finding out more about Opteon, or how our New Zealand rating team can help, you can call us today on 0800 40 50 62 or make an online enquiry using the form below.
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Our specialist team undertake forensic valuations, also known as retrospective valuations, upon receipt of instructions from professional services clients. Professional services providers include insolvency practitioners, administrators, auditors, private investigators and legal professionals.
You may be required to obtain a forensic valuation for a land or property dispute. A forensic valuation report is often supported by an expert witness testimony, and Opteon’s expert valuation team can provide this type of advice for any client. A retrospective valuation is a backdated valuation based on a previous point in history.
Opteon’s forensic valuation specialists examine past property transactions and determine market factors that may have been present at any historic point in time. Only our most experienced valuers undertake instructions of this kind and our advice is individually tailored to the requirements of our clients in simple reporting formats.
Whether it is a single residential holding, commercial, industrial, retail, lifestyle or any another specialised property asset, Opteon has the expertise required to determine retrospective valuation advice.
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