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Small changes to property values expected

Small changes to property values expected when district revalued

“Property prices in the Gisborne district are mostly on a par, or slightly lower, than property prices in 2011,” according to Landmass valuer Garth Laing.
Landmass has been contracted by Gisborne District Council to review the value of all properties in the Gisborne district this year.

“Unfortunately the hype around large increases in property values in the Auckland and Christchurch markets is unfairly raising people’s expectations of property values in locations such as Gisborne. Owners also expect that the property valuations will reflect costs, especially on a new build. This is seldom the case.”

“Based on actual Gisborne district property sales over the last three years, rating valuations are likely to be similar to values in 2011 – the last time all property values were reviewed. Residential properties in city suburbs and lifestyle blocks are selling for between two and five percent less than they were in 2011. Horticultural, commercial and industrial properties are at similar levels. Pastoral properties are selling on average seven percent above 2011 prices and arable properties four percent above 2011 prices, but this varies across the district.”

Property owners will be advised of the new valuation for their property by post in late October 2014 and the new valuations will be used by Council for rating purposes from July 2015, says Senior Rates officer Fiona Scragg.

“Council has a detailed record of each property which is kept up to date by property inspections for building consents, subdivisions and sales analysis. Landmass will review all relevant sales to ensure that the new values are a fair representation of the market as at the revaluation date of 1 July 2014.”

“Analysis of property sales will be done close to 1 July so values reflect current market conditions. The Office of the Valuer General audits Council’s revaluation process before Council and property owners receive the valuation.”

Councils are required to display the ‘Mangatu discount’ for Maori freehold land valuations on the notice of valuation. It discounts the value of Māori land up to 10% depending on the number of owners. Land that that is considered significant may also be discounted up to 5%.

If property owners don’t agree with the revaluation they can make an objection. This must be received by Council before 28 November 2014.

Valuations include: Capital Value which estimates the total market value for your property – what it would likely sell for on 1 July 2014. It does not include chattels, plant, machinery and good will; Land Valueestimates the value that the land would likely sell for if the property was undeveloped (i.e. no buildings or other structures or improvements) and Value of Improvements - the difference between the land and capital values. This is the added value given to the land by any buildings or other structures present on the property and any landscaping that has been done.

ENDS


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