The $20,000 offered for information on the whereabouts of Simon Garrick is the 12th reward offered by police for a murder inquiry in the past decade.
Information released to the Otago Daily Times under the Official Information Act shows half of those cases have been solved - with rewards offered between $20,000-$50,000.
Last week Southern District Police posted a $20,000 reward in the hope of finding Mr Garrick, 42, with the Central Otago man last seen in Dunedin on October 30, 2012.
Operation Garrick investigation spokesman Detective Sergeant Derek Shaw, of Alexandra, said he hoped the $20,000 reward would prompt someone to come forward with information to assist in what police are treating as a homicide inquiry.
Detective Superintendent Rod Drew, the National Crime Investigations national manager, said rewards were paid out once all information was checked thoroughly and "the case has been through the courts and concluded".