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

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news