New rating valuations being sent out this week

17 October 2011

A revaluation of property values in the Waipa District has revealed a 12.6 percent drop in overall value since 2008 to a total of $12.3 billion.

Property owners will receive notices outlining the updated valuations this week and will have until November 18 to lodge any objection.

Legislation requires local authorities to review rateable values every three years. The 2011 Waipa District rateable valuations were completed by Quotable Value using a mass appraisal process and is a snapshot in time reflecting the value as at August 1 this year.

Reductions of around 6.5 percent were seen for residential properties across the district, while dairy properties showed a 25 percent decrease. Specialist rural properties, including horse studs, poultry, pig and deer farms, showed the next biggest drop in capital value of almost 20 percent. Commercial and industrial land values have declined by around two percent on average, although in Te Awamutu this type of property has increased in value and values are now similar to those in Cambridge.

Waipa District Council Business Support Group Manager Ken Morris said the new rateable values would not be used for rating purposes until July 1 next year. However, any change in rateable value did not necessarily mean future rates accounts would proportionately change.

The total amount of the council's rates requirement does not change in a rating valuation process and rating values are just one component used to determine the share of the total rates that individual ratepayers need to pay, he said.

The process for determining rating values is independently audited by the Office of the Valuer General and stringent quality standards needed to be met before a revaluation is confirmed.

Anyone with concerns over their property's new rating value should contact the council on 872 0030 (Te Awamutu) or 823 3800 (Cambridge).

Objection to Valuation form

For more information on rating valuations visit www.qv.co.nz

ENDS

For further information contact

Lisa Nairne

Senior Communications Advisor

Ph: 07 872 0062 or 027 532 1760

Email: lisa.nairne@waipadc.govt.nz