Changes to Retirement Villages (Fees) Regulations 2006

Retirement village registration fees will change on 11 August, Building and Construction Minister Maurice Williamson said today.

'"The annual return fees for all retirement village operators will go down,' Mr Williamson said.

"It's about making sure fees continue to reflect actual administration costs, so the system is fair and efficient."

Mr Williamson said the changes are likely to mean lower overall costs for most retirement villages.

This is the first time the fees have been reviewed since registration was introduced in 2007 to provide better oversight of retirement villages.

There are currently 328 registered retirement villages in New Zealand, providing accommodation to around 30,000 residents.

Details of the fee changes are attached in Appendix 1 below.

For more information visit www.dbh.govt.nz

Appendix 1: Changes to the Retirement Villages (Fees) Regulations 2006.

Fee

Existing fee

($)

Fee from 11 August 2011

($)

Annual return fee

Retirement villages with at least two residential units and not more than 34

460

400

Retirement villages with at least 35 residential units and not more than 84

1,543

650

Retirement villages with at least 85 residential units

3,933

1,300

Registration fee

Retirement villages with at least two residential units and not more than 34

552

900

Retirement villages with at least 35 residential units and not more than 84

1,738

900

Retirement villages with at least 85 residential units

4,508

900

Land transfer fee

54

181

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