Waipa District Property Revaluations
The three-yearly revaluation of property values in the Waipa District has seen a fairly substantial increase across the various categories, although recent easing in growth has been experienced in the third year in keeping with national trends.
Overall, the capital value of the district’s 19,482 properties has increased by 39.7% from $9.7 billion in August 2005, to $13.5 billion in August 2008.
Values are determined by Quotable Value based on details of recent and relevant property sales, and must comply with the Rating Valuations Act 1998. They are then audited by the office of the Valuer General.
The new valuations will be used for rating purposes in the 2009/10 financial year, however this does not mean an automatic increase in rates. Council’s total rates income does not increase as a result of an overall rise in property valuation.
Below is a table showing some of the new valuations by property category:
|
Category |
Average Capital Value |
% increase |
Average Land Value |
% increase |
|
Residential |
$345,000 |
26% |
$147,000 |
47% |
|
Commercial |
$876,000 |
33% |
$307,000 |
57% |
|
Industrial |
$988,000 |
40% |
$279,000 |
84% |
|
Lifestyle |
$584,000 |
35% |
$344,000 |
48% |
|
Rural |
$3,296,000 |
60% |
$2,904,000 |
70% |
Property owners will be notified of their new property value; letters will be sent out from October 10, 2008. The revised Waipa District Property Valuation Rolls are also open for public inspection at either Council office.
Any objections to the revaluation need to be lodged by November 24.
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