A Rating Valuation - (Government valuations) are required by statute, under the Rating Valuations Act 1998, mainly for levying local and regional council rates.
If you do not believe your current rating valuation reflects the market worth of your property as at the date of the last general revaluations, you have the right to object. Please note, objections are subject to time constraints – check the date for the last day for objecting, which is found on your owner’s notice. "Quotable Value"
For more information on the rating act see: http://www.legislation.govt.nz/act/public/1998/0069/latest/DLM427297.html