Steady value growth seen in the Coromandel
Steady value growth seen in the Coromandel
reflected in new rating values
The 2017 Rating
Revaluation for our District has been confirmed and property
owners should receive a Notice of Rating Valuation in the
mail over the next few days, providing an updated rating
value for their property.
Rating revaluations
- the details.
The new rating valuations have
been prepared for 28433 properties on behalf of our District
by Quotable Value (QV). It shows the total ratable value of
these properties within our District area is now $20.3B
with the land value of those properties now valued at
$13.1B.
The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 July, 2017, but do not include chattels.
"The average capital value increase for residential properties in the district., over the past 3 years since the last revaluations was 36.5 % with the average increase in land values for residential properties in the district being 38.1%," says Stephen Hare, QV Senior Consultant.
"The towns in the district that recorded the largest capital value increases in percentage terms over the last three years were Whitianga, Whangamata and Thames with properties along the Thames Coast being not further behind," he says.
Whangamata saw the largest LV increase, due a shortage of sections for sale within the town, which has driven land values up substantially, coupled with a strong demand from holiday home buyers. Tje contour, scope, view and locality of the land also determines the value.
“Commercial and industrial property value growth in the district has been a little more subdued , with the average value for developed commercial property increasing by 6.1% since the last rating revaluation as at 1 July 2014. The average value for developed industrial property increased by 6.2%," says Mr Hare.
“Rural and lifestyle property values have also increased with the average capital value of lifestyle properties increasing by 29.3% and land values by 31.7%. The average lifestyle value in the district is now $724,000. Dairy property capital values have increased by 9.8% over the past three years with pastoral properties increasing by 24.9%. The average dairy farm value is now $2,278,000 and the average pastoral farm value is now $2,470,000," he says.
What you need to know up
front
The valuation notices have been
posted out to ratepayers from today.
A hard copy of the
District Valuation Roll is available for inspection at our
Thames Council office
The objection period for the
general revaluation closes 19 January, 2018. To find out
more about objection or to lodge an objection call our
customer service team on 07 868 0200 or email them here to request an
objection form.
Or get the form online
here.
Further information on how our
residential property values compare to other districts and
to all of New Zealand can be found here or here
Please also note that
our Council won't be able to give you a figure for your
rates for the next financial year yet 2018-19 While we now
have the new revaluations, we're still working through our
budgets for next year's Long Term Plan 2018-2028 and will
still need to know the outcomes of any
objections.
Frequently Asked
Questions
Q: What is a rating
valuation?
A rating valuation
is based on the likely selling price (market value) of a
property (excluding chattels) at a particular point in time
(the effective date) of your local council’s last general
property revaluation.
Rating revaluations are carried
out on all properties in New Zealand, usually once every
three years to specifically help local councils set rates
for the following three year period. For more information go
to www.ratingvalues.co.nz or watch
this YouTube video which explains the process
here.
Q: Who does rating
valuations?
A -Revaluations are
carried out either by our Council or on behalf of us by a
Valuation Service Provider such as Quotable Value (QV).
Rating valuations are just one of a number of factors
councils use to allocate rates.
Q: How are
property owners notified of new rating values once a council
revaluation is complete?
A
-Once a council general revaluation is completed (usually
once every three years) an updated Rating Value is sent to
all property owners in the areas on an Owners
Notice.
Q: What is a property
value made up of?
A - A
property value is made up of three components: Capital Value
(CV) - this is what your property is likely to have sold for
at the date of your local council’s last general
valuation, excluding chattels. The CV is also known as
Government Valuation (GV) or Rateable Value (RV).Land Value
(LV) - the most likely selling price of the bare land at the
date of your local council’s last general
revaluation.Improvement Value (IV) - this is just the
difference between the land value and the capital value.
It’s important to note here it does not mean the
replacement cost of buildings and services on a
property.
Q: How is a rating value
calculated?
A -Assessing rating
values is a service QV performs for local councils around
NZ. Rating values are calculated by QV valuers who analyse
recent sales and compare similar properties using technology
and experience to determine a property’s rating value.
QV valuers may also inspect properties sold recently and
those where building consents show work has recently been
completed. Because of the vast number of properties in NZ
it’s not possible to view every property in person,
(although many urban properties are looked at externally to
check the accuracy of the proposed value level).
Q: What is the difference between a capital
value and market value?
A-
Capital Values (CV) are for rating purposes. The CV is the
likely price you could sell a property for at the date of
your local council’s last general revaluation (this
differs for each council across NZ). Market valuations are
different to capital valuations or rating valuations. You
can request a current market property valuation at any time
from a QV Registered Property Valuer. The QV Property Valuer
will thoroughly inspect the interior and exterior of your
property. They will also use their local knowledge and
analyse recent sales data in the area. All this information
will be presented in a comprehensive report that will
include a market value for your property, which will be
current at the date you request it.
Q: I’ve
renovated my property but the rating value’s still the
same.
A -If you’ve
refurbished or renovated your property, but the work
hasn’t required a building consent e.g. a new kitchen,
bathroom, deck or something else, we or the council won’t
know about those changes and your rating value may not have
been amended to reflect this. In these cases you need to
contact your council to have these reviewed.
Q:
If my area has just had a rating revaluation then will my
new value be used for rating
purposes?
A- Any change in
rating value will not be rated upon until 1 July of the next
rates year
Q: Are there any time
restrictions on making an
objection?
A- Yes. There is an
official objections period - check your owners notice or
your our council’s website for the last day you can
object.
Q: How do I make an objection to my
rating value?
A - You can make
an objection online, or by personal letter. Whichever way
you make an objection; you’ll need to include these
details:The valuation reference number, the address of the
property you’re objecting about, a daytime contact
telephone number, your postal address, your reason for
objecting. An estimate of what you believe is the true value
of the property
Q: What shall I do if I disagree
with the new rating value on my property after a general
revaluation in my area?
A - If
you feel your property’s rating value doesn’t reflect
your property’s market value (as at the date of your
council's last rating valuation), you have the right to
object. The closing date to lodge an objection to your new
rating value is outlined on your owner's notice. It is
approximately six weeks from when the new values are
released.
Q: What is the objection
process?
A- Objections are part
of the valuation process because they give property valuers
the opportunity to assess individual factors that they may
not have been aware of so have not been considered as part
of the value assessment e.g. you may have put in a new
kitchen.
Q: How often is a council revaluation
usually done?
A council
revaluation is completed every three years. Outside of this
period you may have made changes to your property, which
didn't require a consent, that might affect your rating
value. If this is the case, you may be able to request an
Urgent Rating Value Review - just get in touch with our
Council.
Q: When might a property owner get an
Urgent Rating Value review?
A
-You may have completed some work on your property that
didn’t require a building consent (such as a deck,
landscaping, a new kitchen or bathroom etc) or you may
simply consider that your rating valuation was not right at
the time of your council's last general property
revaluation.To reflect the current condition of your
property you can request an Urgent Rating Value Review by
one of our experienced property valuers.
An inspection of
your property will usually take place within five working
days from your request. Our property valuer will check the
accuracy of the property valuation and details held on it.
They will then compare your property’s characteristics to
those of similar properties as at the date of the your local
council's last revaluation to determine whether your rating
value should be changed. Our property valuers are required
to comply with strict guidelines set out in the Rating
Valuations Act 1998 (Section 16), which outlines the need
for consistency in values across all properties that are
considered similar.
Q: What’s
taken into account when my rating value is
reviewed?
A rating valuation
has many aspects to it, some of the aspects valuers consider
are:
Location
Size
Condition
Character
Quality of
the construction
Views / outlook
Access (drive
on)
Garaging / off street parking
Other buildings or
notable features
Sun (aspect)
Modernisation (kitchen
and bathroom)
Number of bedrooms /
bathrooms
Privacy
Access to local transportation and
amenities
Street Appeal
Noise
Q: I have
reroofed my property recently. Does my rating value need to
be updated?
A -
This may not affect the rating value, as every home
requires a certain amount of maintenance to keep the home in
good working condition. Not all maintenance ‘adds value’
to your property, however a potential buyer would probably
view your property in a more positive light as they won’t
need to re-roof for another 30 years or so.
Q:
What happens if my real estate agent has told me that my
rating value is too low and it should be
updated?
A -All property owners
are entitled under legislation to pay to have their rating
value reviewed, however any new property valuation must
comply with the rules stipulated in the Rating Valuations
Act 1998. The primary purpose of a rating valuation is to
assist your local council with the allocation of rates
therefore, any new property valuation must ‘preserve
uniformity with existing roll values of comparable parcels
of land’. To explain this simply, if your property is one
of five identical properties, they should all have a similar
rating valuation.
You do have the option to request an
Urgent Rating Value Review.
Q: Why is my rating
valuation lower than my neighbours, particularly as I have
been inside their property and I think that mine is
better?
A- A lot of work can be
done to a property that doesn't require a building consent.
In these instances, unless the owners have contacted QV to
tell us of these changes, it is unlikely that we will know
about them. This includes improvements such as modernising a
kitchen or bathroom, redecorating, landscaping and much
more. Our valuers can inspect your property and compare your
property’s characteristics to other similar properties.
Following inspection you will be sent an updated Owners
Notice.
Q: What do I need to do if I have just
completed an extension to my property and would like my
rating value to be updated?
A
-If QV is the rating valuation services provider in your
area we will be automatically informed by your council when
building consents and subdivisions occur and will make an
inspection of the property when we are next completing
valuations in your area. This could be up to 3-6 months into
the future. If you would like your rating valuation reviewed
urgently, you can pay to have a valuer come out at your
convenience and time frame.
Q: What happens if I
pay for a review and my value doesn’t
change?
A -Owners are entitled
to lodge an objection to the review decision if received
within the specified time frame and manner required. QV may
require another valuer to re-inspect the property and
provide a ‘second opinion’ on the value of the property.
A decision will be forwarded to the owner in due
course.
Q: Who can order an Urgent Rating Value
Review?
A- Only an owner or
ratepayer of a property can request an Urgent Rating Value Review
here