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Property valuations reveal strong increases

Wednesday 30 November 2005

Rotorua’s new property valuations reveal strong increases

ROTORUA 30.11.05: The three yearly revaluation of properties in the Rotorua District reveals strong increases in values across the property spectrum, in keeping with national trends. The new valuations, released today, were carried out for the Rotorua District Council by independent valuation service provider Quotable Value Ltd.

Rotorua District Council chief executive Peter Guerin says all property owners will be posted notices this week setting out the revised valuations for their properties, and residents can also view the new valuation property rolls at the Council’s Civic Centre, or by checking out the Rating Information Database online at www.rdc.govt.nz.

The revaluations will not come into effect for rating purposes until the 2006/7 financial year.

The new total capital value of the district’s 28,759 properties has increased by $3.41 billion, up 51%; while the corresponding land value has increased by $2.28 billion, up 84%.

Quotable Value takes into account property sales, and the most recent and relevant are analysed to formulate the basis of valuations as at 01 September 2005. The values are assessed under the Rating Valuations Act 1988 and audited by the office of the Valuer General.

The Quotable Value results reveal the residential market has been particularly buoyant in 2005 with capital values increasing by an average of 53% and land values by 95%. The average capital value is now $235,000 (excluding chattels) while the average land value is $105,000. While these figures are the average across the whole district, there are variations within different areas.

The Okareka/Tarawera Lakes area showed an average capital value increase of 82% and 130% on land value. In smaller rural townships such as Mamaku and Reporoa, land value increases were greater but moved from very low base figures. For example, a typical Mamaku section’s 3-yearly land value movement was $8000 to $20,000, and Reporoa from $9,000 to $30,000.

Rotorua’s lifestyle property group comprises a diverse range of properties with good demand evident. Overall, capital values moved by an average of 51% and land values by 80%.

Quotable Value says the rural market has remained strong. Dairy farms rose by approximately 70% in capital value and 89% in land value, while pastoral properties were up 83% and 100% respectively. The forestry sector is undergoing change in some areas with the overall forestry sector showing a 29% land value increase.

The commercial sector has shown moderate growth over the three year period with movements varied, depending on property type and location. The commercial office and retail categories showed a 35% capital and 45% land value increase, and industrial categories 46% and 64% respectively.

“However it is important for property owners to understand that an increase in property valuation does not mean a corresponding increase in rates,” said Mr Guerin. “When the council identifies the total amount of funding it needs to raise from rates in any one year, it apportions that amount across all properties – with higher valued land paying more than lower valued land. The council does not collect more rates revenue just because property valuations go up.

“In Rotorua we don’t use capital values as our basis for rating; we only use the land value component, although the council will be reviewing this again in the near future, and seeking comments from residents.”

Mr Guerin said that property owners who want to appeal the new valuations for their properties are able to lodge appeals in writing by 12 January 2006. “We are including details on how to do this in the valuation notices that are currently being posted to all property owners.

“People requiring more information can also call the council’s rating valuation hotline on 07 350 1757, and out-of-towners can call toll free on 0800 738 258.”

“Overall I believe these results show that Rotorua has been catching up with the growth that many other parts of the country have already experienced. They are indicative of how attractive Rotorua has become as a place to live and do business.”

ENDS

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