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Changes to Retirement Villages (Fees) Regulations 2006

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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