What is the value of my home?

WHAT IS THE DIFFERENCE BETWEEN RATEABLE AND MARKET VALUE ?

I am touching briefly on the difference of rateable value and market value which seems to confuse a lot of people.

It is important to understand the difference between these two - rateable value RV  is set by council and market value is what buyers like you are prepared to pay on the day.

WHAT IS RATEABLE VALUE? - Rateable value is the value of a property set by local authority for the purpose of determining and allocating rates.

SO, IS THIS THE VALUE OF YOUR HOME OR NOT ?  - The council are very clear that the revaluation process is NOT done to provide values for property owners for marketing sales or any other purpose. it has been done primary for rating purposes and the Council are required to do this by law.

NOT ALL FACTORS ARE CONSIDERED BY COUNCIL -  think back to the last time someone from council came to your property to see the new renovation, the arena or all the landscaping that has been done example - work carried out that didn't require a consent, redecoration, chattels and appliances.

The rateable value RV is not the best way to calculate what a home will sell for in the open market.

Most of us have done improvements over the years and obviously would like these taken into consideration when going to the market and setting a value on our property.

The RV is not the true value of one’s property as many factors come into play.