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 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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news