Property owners happy with new rating revaluations

Ruapehu ratepayers seem to be happy with their new Quotable Value NZ (QV) property rating revaluations with only 1% (105 out of 9,805 properties) of property owners objecting to their new revaluation.

Traditionally objection numbers are double this and hover around the 2% mark against the total number of rating units.

The previous revaluations in 2014 received 169 objections or 1.7%.

Property rating revaluations are carried out on all properties in NZ to specifically help local councils set rate for the following three year period.

The updated rating valuations revalue the likely selling price of all Ruapehu 9,805 properties at the effective revaluation date, which was 1 July, 2017, but not including chattels, at $4.778 billion.

QV Service Manager Simon Willocks said that lower objection numbers often align to the positivity of the market and this appears to have been the case in 2017.

“The latest revaluations show a generally upward movement across all sectors which is a trend that is also being observed around the country,” he said.

“It appears any objections have been lodged by individuals specific to their own property versus a sector wide objection.

The largest number of objections (75%) were residential.

85% of residential objectors contend an increase in Capital Value.

Objectors were less concerned with land values with nearly 60% contending no change to the Land Value.”

Mr Willocks said that they received only ten rural objections with six of these contending lower values which were the only objections with large variations to the rating values.

“There were 12 lifestyle objections from 1,222 properties with three of these contending lower values.

Commercial and industrial property objections also totalled 12.”

Ruapehu District Council Chief Executive Clive Manley said that the new revaluations would be used in helping to set rates for the coming 2018-19 rating year.

“People should however note that rating values are just one of a number of factors councils use to allocate rates.

The next revaluation will be in September 2020.”

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