Local Govt | National News Video | Parliament Headlines | Politics Headlines | Search

 


First post-quake property revaluation for Christchurch City

Tuesday, 24 September, 2013

First post-quake property revaluation for Christchurch City Council

The Christchurch City Council is undertaking its first post-quake revaluation of more than 160,000 city properties.

The earthquakes delayed a city-wide revaluation scheduled for 2010 and the Government gave the Council permission to continue basing rates on 2007 property valuations.

This year’s revaluation method was adopted by Cabinet on the recommendation of Land Information New Zealand (LINZ) and will treat Christchurch properties as if any earthquake damage has been repaired.

It assumes insurance and EQC payments will return affected properties to their pre-quake state, and reflects the current practice of assigning insurance entitlements to buyers when properties are sold.

The Council has contracted independent valuer Quotable Value to carry out the reassessment of property values, and ratepayers will receive their new valuations in March, then have six weeks to lodge objections. The new valuations won’t have any effect on rates until 1 July 2014.

Christchurch City Council Acting General Manager Corporate Services, Diane Brandish, said extended use of the 2007 valuations was an emergency measure adopted after the earthquakes, and the Council had a statutory obligation to return to the practice of updating its property valuation database on a three yearly cycle.

“With considerable changes in property values across the city since 2007, valuations need to more accurately reflect current circumstances. The Rating Valuations Act says rating valuation systems must be equitable, and it would be unfair to continue apportioning rates using data that is now six years old.”

“It’s also important to note changes in valuations do not affect the total amount of rates collected, which is set in the Council’s Annual Plan. However the changes will have an effect on how the rates burden is distributed between property owners.

“Your rates bill is based on the value of your property in relation to the value of all properties city-wide. If your property value goes up by less than average, then your rates bill will go up by less than average, and may even fall. If your property value has risen by more than average, then your rates bill will go up by more than average.”

For more information about the revaluation, visit the Christchurch City Council website www.ccc.govt.nz

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Parliament Today:

Werewolf: The Defence Pretence

Last year, the world began spending more money on weapons again, for the first time since 2011... New Zealand belongs to a region – Asia and Oceania – where military spending rose sharply in 2015, by 5.4 per cent. More>>

ALSO:

Gordon Campbell: On Not Crying Foul, Argentina

So a couple of guys found to be criminally liable of environmental pollution in Argentina lodge an application with the Overseas Investment Office… in order to buy some prime New Zealand rural land. Seems that their factory back home had carelessly and/or intentionally discharged toxic waste into the Lujan river. Bummer... More>>

ALSO:

Urban & Rural: $303m To Merge And Modernise New Zealand’s Fire Services

Internal Affairs Minister Peter Dunne today announced funding of $303 million over five years to combine urban and rural fire services into one organisation from mid-2017. More>>

ALSO:

High Trust Regime: What Did The PM Tell His Lawyer About Foreign Trusts?

The Government stopped the IRD from reviewing New Zealand foreign trusts shortly after the Prime Minister’s lawyer wrote to the Revenue Minister claiming John Key had promised him the regime would not be changed. More>>

ALSO:

Road Crime: Wicked Campers Vans Classified As Objectionable

The definition of publication includes any "thing that has printed or impressed upon it, or otherwise shown upon it, 1 or more (or a combination of 1 or more) images, representations, signs, statements, or words", The Classification Office has previously classified such 'things' as billboards, t-shirts, and even a drink can. This is the first time the Classification Office has classified a vehicle. More>>

ALSO:

'When New' Repairs: Landmark EQC Settlement

The Earthquake Commission has cut a deal with 98 Canterbury homeowners that affirms the government entity's responsibility to repair earthquake-damaged property to a 'when new' state, as well as covering repairs for undamaged parts of a property and clarifying its position on cash settlement calculations. More>>

ALSO:

Gordon Campbell: On Kiwirail’s Latest Stint In The Dogbox

The denigration of Kiwirail continues. The latest review (based on a 2014 assessment) of the options facing the company have enabled Kiwirail to be hung out to dry once again as a liability and burden on the taxpayer. More>>

ALSO:

Royal Society Report: Good Opportunities To Act Now On Climate Change

There are many actions New Zealand can and should take now to reduce the threat of climate change and transition to a low-carbon economy, a report released today by the Royal Society of New Zealand finds... More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news