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

 

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Economic Update: RBNZ Says Rate Cut Seems Likely

The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. More>>

ALSO:

House Price Action Plan: RBNZ Signals National Lending Restrictions

The central bank wants to cap bank lending to property investors with a deposit of less than 40 percent at 5 percent and restore the 10 percent limit for owner-occupiers wanting to take out a mortgage with a deposit of less than 20 percent, according to a consultation paper released today. More>>

ALSO:

Sparks Fly: Gordon Campbell On China Steel Dumping Allegations

No doubt, officials on the China desk at MFAT have prided themselves on fashioning a niche position for New Zealand right in between the US and China – and leveraging off both of them! Well, as the Aussies would say, of MFAT: tell ‘em they’re dreaming. More>>

ALSO:

Loan Sharks: Finance Companies Found Guilty Of Breaching Fair Trading Act

Finance companies Budget Loans and Evolution Finance, run by former 1980s corporate high-flyer Allan Hawkins, have been found guilty of 106 charges of breaching the Fair Trading Act for misleading 21 borrowers while enforcing loan contracts. More>>

ALSO:

Post Panama Papers: Govt To Adopt Shewan's Foreign Trust Recommendations

The government will adopt all of the recommendations from former PwC chairman John Shewan to increase disclosure and introduce a register for foreign trusts with new legislation to be introduced next month. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news