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

Issue 49: Werewolf Weekender

Philip Matthews: From The Lost Continent
It’s a case of better late than never for Olivier Assayas’ marvellous After May/Apres Mai, which first screened at Venice in 2012, had a couple of North Island screenings last year during the International Film Festival’s “Autumn Events” season, got a theatrical release in Australia – but not here – and only now appears on DVD, after Assayas himself has moved on. More>>

The Complicatist: Blue Eyed & Soulful
For a while in June, the top two singles on the US Billboard charts featured Iggy Azalea, an Australian model turned hip hop performer. To some, this may seem like just the latest chapter in a long saga of whites ripping off black culture, while enriching themselves in the process. Obviously, there’s some truth in the stereotype. Yet it can also obscure the positive collaborations – in jazz, soul music and hip hop – between musicians who treated each other as creative equals, race regardless. More>>

Satire: Carry On Captaining
Oh hello. Scanner Technician Davis. To what do I owe the pleasure?
You think we’re what?
Oh, pish. This vessel has been travelling along smoothly for generations – particularly smoothly in the last few years though I say so myself – and I happen to know we have never once been hit by an asteroid... More>>

 

Parliament Today:

False Electoral Return: John Banks Sentenced To Community Detention, Community Work

“The conviction of John Banks today is another sad chapter for John Banks and the ACT Party”, says Labour candidate for Epsom Michael Wood. More>>

ALSO:

Gordon Campbell: On The Rise Of ISIS And Labour

While global attention got distracted by the fate of MH17 and the atrocities in Gaza, the world’s other mega ‘bad news’ story – the rise of ISIS-led fundamentalism in Iraq – has reached a tipping point. More>>

ALSO:

Rebuild: Christchurch City Council Releases Milestone Report

The Cameron Partners report says the Council may need to find an additional $783 million to $883 million by 2019... Options Cameron Partners proposed include increasing rates, borrowing more, maximising insurance payments, and freeing up capital from its commercial assets. More>>

ALSO:

Parliament Today: Parliament Adjourns

The 50th Parliament has adjourned for the final time. After the completion of the adjournment debate, MPs left for the campaign trail with Parliament to be dissolved on August 14 ahead of the September 20 election. More>>

ALSO:

Novopayout: Government-Owned Company To Take Over School Payroll

After lengthy negotiations, the Ministry of Education and the existing school payroll provider, Talent2, have settled both on the amounts payable by Talent2 towards the costs of remediating the Novopay service and a new operating model for the school payroll system. More>>

ALSO:

Employment: Labour Will Raise Minimum Wage, Restore Work Rights

A Labour government will raise the minimum wage $2 an hour to $16.25 and restore work rights to ensure the benefits of economic growth are shared fairly by all New Zealanders, Labour Leader David Cunliffe says. More>>

ALSO:

Police: Crewe File Review Released

No new evidence has come to light implicating any specific person as being responsible for the murders of Jeannette and Harvey Crewe... The review identifies there is a distinct possibility that Exhibit 350 (the brass .22 cartridge case) may be fabricated evidence, and that if this is the case, that a member of Police would have been responsible. More>>

ALSO:

Werewolf Issue #49: Gordon Campbell Interviews Laila Harre

For 25 years, Labour and National have been in virtual agreement about the basics of economic policy, and differed mainly on how to go about managing its social consequences. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
Regional
Search Scoop  
 
 
Powered by Vodafone
NZ independent news