how do councl work out the value of property thay charge a%of this to us each year do it mean that our property is worth the other 96.4% and we should get a new valuation based on councl rates fer insurance
it depends on your coucil.
One council I have property in has valuers value the entire city (from the comfort of thier cars) every three years. Its the land they are valuing mostly as that is what you are taxed on.
Another council uses the latest house prices from recent sales.
you should probably contact your own council and ask this question of them as each one will be different.
Hi
I don’t know how Councils work out values, but your value for building insurance will probably have no connection to this at all ie. the difference between the market value, and Council value of land is not the value of the building for insurance purposes.
Building sum insured should cover the cost to demolish and dispose of the house, all fees associated with preparing and obtaining permission to rebuild plus construction costs. If you’re not sure what this should be, you can get an insurance valuation from a registered valuer for around $150 (I think).
Wake
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