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

 


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


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Joint Statement: Establishment Of NZ-China Strategic Partnership

At the invitation of Governor-General Lt Gen The Rt Hon Sir Jerry Mateparae and Prime Minister The Rt Hon John Key of New Zealand, President Xi Jinping of the People’s Republic of China made a state visit to New Zealand from 19 to 21 November 2014.

During his visit, President Xi Jinping met with Governor-General Jerry Mateparae, and held talks with Prime Minister John Key. The leaders had an in-depth exchange of views on bilateral relations as well as regional and international issues of common interest. More>>

 
 

Parliament Today:

Savings Targets: Health Procurement Plan Changes Direction

Next steps in implementing DHB shared services programme Health Minister Jonathan Coleman says the Government has agreed to explore a proposal put forward by DHBs to move implementation of the shared services programme to a DHB-owned vehicle. More>>

ALSO:

More on Health Policy:

Auckland Unification: 'No IT Cost Blowout' (Just More Expensive)

Following discussion of an update on Auckland Council’s Information Services Transformational Programme at today’s Finance and Performance Committee, council has released the report publicly. More>>

ALSO:

Other Expensive Things:

Gordon Campbell: On The SAS Role Against Islamic State, And Podemos

Only 25% of the US bombing runs are even managing to locate IS targets worth bombing. As the NYT explains at length, this underlines the need for better on-the-ground intelligence to direct the air campaign to where the bad guys have holed up... More>>

ALSO:

Public Service: Commission Calls For Answers On Handling Of CERA Harassment

EEO Commissioner Dr Jackie Blue is deeply concerned about the way in which the State Services Commission has handled sexual allegations made against CERA chief executive Roger Sutton this week and is calling for answers. More>>

ALSO:

Gordon Campbell:
On Andrew Little’s Victory

So Andrew Little has won the leadership – by the narrowest possible margin – from Grant Robertson, and has already been depicted by commentators as being simultaneously (a) the creature of the trade unions and (b) the most centrist of the four candidates, which would be an interesting trick to see someone try in a game of Twister. More>>

ALSO:

China President Wishlists: Greens Welcome Xi, But Human Rights Need To Be On Agenda

“President Xi has made some progress on climate change, but he must also lift the Chinese government’s game on human rights issues,” Green Party Co-leader Dr Russel Norman said... It is important that our Government continues to urge the Chinese government to show restraint and respect human rights in both Tibet and the Xinjiang province.” More>>

ALSO:

Airport Security Breach: CAA Fines Minister

Minister Brownlee has been issued an infringement notice and is required to pay a $2000 infringement fine for breaching Civil Aviation Rule 19.357(b), which states no person may be in an airport security area without an appropriate identity card or document. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news