Property values rise

Oct 13th, 2017 | By | Category: Hot Topics, Latest News
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Waikato district property values have risen by an average of 33.7% in the past three years and upcoming valuation notices will reflect that.

Waikato property owners can expect to receive their three-yearly Quotable Value (QV) property revaluation in the next week or two, with notices expected to start landing in letter boxes from around October 20.

The revaluations will have an impact on rates.

“The new rating values will be used to calculate council rates from the start of the next rating year, July 1, 2018,” said Waikato District Council’s General Manager Strategy and Support Tony Whittaker.

But a change in a rateable value did not mean rates changed by a similar percentage, he said.

“The council does not collect more rating income as a result of increased property values or less rating income if values decrease,” he said.

“You might expect an increase in your general rates if your property value has increased by more than the 33.7% average increase in property Capital Value across the district.

“But if your property value increase is less than the average, then your general rates might go down.”

He said the rating valuation is only one factor in determining the total rates people pay as rates were also based on the type of property, the services provided, and any applicable rebates.

Also, while the average rise in property Capital Value across the district was 33.7%, changes in individual property valuations would vary considerably depending on the type of property, its size, location, and any distinctive characteristics.

Whittaker said the council was required to revalue all the properties in the district every three years, and employed Quotable Value Ltd (QV) to undertake the process. The rating value was a reflection of what a seller might expect to receive if they sold the property at the time of the revaluation (July 1, 2017) excluding chattels (e.g. carpets, drapes, and light fittings).

If property owners had concerns about their new rating value they should contact Quotable Value, he said.

A flier included with the revaluation notice would include all the information property owners would need to contact QV (on 0800 787 284) or to lodge an objection online at www.ratingvalues.co.nz . Objections must be lodged no later than November 24.

If for any reason property owners have not received their ‘Notice of Rating Valuation’ by the end of the month, they should email the Waikato District Council rates team on rates@waidc.govt.nz .

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