In May each year, Inland Revenue release their determination of national average market values (NAMVs) of livestock for the prior financial year.

The NAMVs are used by taxpayers who have elected to value livestock using the herd scheme, to value their livestock on hand for that income year.

As the name suggests, the values are based on national averages, and as such they may not always reflect the market value of the livestock of a particular taxpayer, or a particular region.

In order to ascertain the national averages, the Commissioner of Inland Revenue (CIR) enlists the services of a number of experienced livestock valuers throughout New Zealand, with each valuer being tasked to value the various livestock classes within their respective region.  There is generally more than one valuer contracted for each region, and the requirement is for the valuations to be based on "good quality on-farm animals" as at 30 April.  These regional market values are then used to calculate the national average market value.

In the case of sheep, beef, dairy cattle and deer classes, a weighted average based on total livestock numbers for a type of livestock in the region, compared to the national herd numbers for that livestock, is used.  These numbers are based on Statistics NZ-collected data.

Because of the relatively low numbers of livestock in the remaining livestock types, a straight average is used to calculate the values of those livestock.

The NAMVs for the 2016/2017 income year were released by Inland Revenue on 19 May 2017.  Click here to see these values, as well as the 2015/2016 year values for comparative purposes.