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Steady value growth seen in the Kaipara District over the past three years to be reflected in new rating values

21 Dec 2017

The Kaipara District Rating Revaluation for 2017 is now confirmed and property owners will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

The new rating valuations have been prepared for 14,819 properties on behalf of the Kaipara District Council by Quotable Value (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period.  Rating values are just one of a number of factors councils use to allocate rates. These new valuations will be used to assess rates from the year commencing July 01 2018.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2017, but do not include chattels.

The rating revaluation figures compiled by QV show the total capital value of the 14,819 properties within Kaipara District Council is now $8.6 billion with the land value of those properties now valued at $5.0 billion. This is a 30% increase from the previous 2014 Value level.

QV Senior Consultant, Thomas Ujdur said, “Kaipara district residential value movements can be broken down into the West, Central, and Eastern regions. The central Kaipara region has been the standout performer as the market recognised the relative undervalued nature of smaller towns such as Kaiwaka, Maungaturoto, and Paparoa – their price attractiveness compared to Mangawhai and relative proximately to Auckland.  The western region incorporating Dargaville and Te Kopuru has experienced consistent but moderate gains until the beginning of 2017 when values increased significantly as the market factored in the undervalued nature of the west relative to the central and eastern areas. The overall average increase for residential properties from the 2014 valuation level is 47% on capital value and 59% for land value.”

“Commercial and industrial properties have also seen value increases, with the average value for developed commercial property increasing by 35% since the last rating revaluation in 2014. The average value for developed industrial property increased by 17%.”

“Rural and lifestyle properties have also seen moderate value movements, with the average lifestyle property increasing by 48% with the corresponding average land value for a lifestyle property increasing by 57.0%.”

“It is helpful to remember the effective rating revaluation date of 1 September, 2017 has passed and any changes in the market since then won’t be included in the district’s new rating valuations. In many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 September, 2017. Rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.”

New rating values will be posted to property owners after the 29 November 2017. If owners do not agree with the rating value they have the right to object. The objection close-off date is the 31 January 2018. To find out more about objection or to lodge an objection online go to www.ratingvalues.co.nz or call 0800 787 284 to request an objection form.

 

 

For more information please contact:

Rick Groufsky

Financial Services Manager

0800 727 059


 

QV Senior Consultant, Thomas Ujdur

Phone: 09 430 2103

Email: thomas.ujdur@qv.co.nz

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