Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


District value increases, but residential value drops

19 November 2012

District value increases, but residential value drops

The capital value of South Taranaki has risen by 4% to $8.6 billion according to the latest district wide rating valuation conducted by Quotable Value NZ.

However the increase was largely driven by the rural sector with dairy properties seeing an average 8.2% increase in value, while residential property values actually decreased by 3.6%.

South Taranaki District Council manager of corporate services, Phillippa Wilson, says it’s important to remember that while rating values are based on market sales they are only a ‘snapshot’ of the market at a single point in time.

“Because real estate fluctuates over time a rating value can’t be expected to represent the market value for an extended period, which is why the district is re-valued every three years,” she says.

The latest rating values, which South Taranaki property owners received in the mail last week, reflect the value of their property (excluding chattels) as at 1 September 2012.

They are prepared on behalf of the Council by Quotable Value (QV) using a process called ‘mass-appraisal’; a methodology used all over the world.

Basically, rating valuers consider relevant property sales from the area around the time of the valuation. A market trend is established and applied to similar properties in the area. The mass-appraisal process is also supported with a proportion of valuation assessments done on specific individual properties every year. The process for calculating rating values is then audited by the Office of the Valuer General, an independent authority which is part of Land Information NZ. Rigorous quality standards must be met before a revaluation is confirmed.

Mrs Wilson says the calculation of rating values and how they impact on your rates is complex.

“Just because your rating value may show a change, doesn’t necessarily mean that your future rates will change proportionately. Rating values are just one component which is used to determine the share of the total rates that individual ratepayers need to pay and the total amount of rates collected does not change as a result of the total value of properties in the District,” she says.

“Put simply, your rates will only be affected if your property value has increased or decreased by more than the average across the District.”

Mrs Wilson says the new rating values will not be used for rating purposes until 1 July 2013 when the new financial year begins.

“If you think that your rating value is not accurate, you should object. You can object online at www.qv.co.nz or call Quotable Value on 0800 787 284 to get an objection form. The last day for objections in South Taranaki is 20 December 2012. If you have any other questions call the Council’s finance department on 0800 111 323,” she says.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Cosmetics & Pollution: Proposal To Ban Microbeads

Cosmetic products containing microbeads will be banned under a proposal announced by the Minister for the Environment today. Marine scientists have been advocating for a ban on the microplastics, which have been found to quickly enter waterways and harm marine life. More>>

ALSO:

NIWA: 2016 New Zealand’s Warmest Year On Record

Annual temperatures were above average (0.51°C to 1.20°C above the annual average) throughout the country, with very few locations observing near average temperatures (within 0.5°C of the annual average) or lower. The year 2016 was the warmest on record for New Zealand, based on NIWA’s seven-station series which begins in 1909. More>>

ALSO:

Farewell 2016: NZ Economy Flies Through 2016's Political Curveballs

Dec. 23 (BusinessDesk) - New Zealand's economy batted away some curly political curveballs of 2016 to end the year on a high note, with its twin planks of a booming construction sector and rampant tourism soon to be joined by a resurgent dairy industry. More>>

ALSO:


NZ Economy: More Growth Than Expected In 3rd Qtr

Dec. 22 (BusinessDesk) - New Zealand's economy grew at a faster pace than expected in the September quarter as a booming construction sector continued to underpin activity, spilling over into related building services, and was bolstered by tourism and transport ... More>>

  • NZ Govt - Solid growth for NZ despite fragile world economy
  • NZ Council of Trade Unions - Government needs to ensure economy raises living standards
  • KiwiRail Goes Deisel: Cans electric trains on partially electrified North Island trunkline

    Dec. 21 (BusinessDesk) – KiwiRail, the state-owned rail and freight operator, said a small fleet of electric trains on New Zealand’s North Island would be phased out over the next two years and replaced with diesel locomotives. More>>

  • KiwiRail - KiwiRail announces fleet decision on North Island line
  • Greens - Ditching electric trains massive step backwards
  • Labour - Bill English turns ‘Think Big’ into ‘Think Backwards’
  • First Union - Train drivers condemn KiwiRail’s return to “dirty diesel”
  • NZ First - KiwiRail Going Backwards for Xmas
  • NIWA: The Year's Top Science Findings

    Since 1972 NIWA has operated a Clean Air Monitoring Station at Baring Head, near Wellington... In June, Baring Head’s carbon dioxide readings officially passed 400 parts per million (ppm), a level last reached more than three million years ago. More>>

    ALSO:

    Get More From Scoop

     
     
     
     
     
     
     
     
    Business
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news