Is the property sale price = new RV ?

[newbienz]

Hi there

If I buy a property above the RV price, will my RV be changed to the price I paid and the rates will go up proportionately?

Thanks for advising

[Oregonkiwi]

Yes, but not immediately. City councils revalue properties every 3 years. For example the next Auckland revaluation is in 2017.
http://aucklandcouncil.custhelp.com/...457.1466455584

Every property in New Zealand is revalued every three years for rating purposes. Auckland properties were revalued in 2014, so will be valued again in 2017.