Property values under spotlight

4 October 2016​

Waipa properties are being revalued.

Quotable Value Ltd, Waipa District Council's valuation service provider, has begun reassessing the value of all properties in the district.  The last revaluation was done in 2013 using the same company.

Quotable Value staff use a process of mass appraisal to calculate property values.  They consider relevant property sales as well as taking into account information from building consents, sub-divisions and more.  The process is independently audited by the Office of the Valuer General before the district's revaluation is confirmed.

The new property valuations will not be used for rating purposes until the 2017/18 financial year.  Group manager business support Ken Morris cautioned people against assuming that a change in property value – either up or down – would mean a corresponding change in their rates.

"The total amount of rates we require to run the district doesn't change because property values change," he said.

"Rating values are just one component of how rates are assessed.  What the revaluation may do is change how much some types of properties pay in comparison to other property types."

Property owners will receive letters from Waipa District Council confirming their new property valuation in mid-November.  They will have until December 22 to object to new valuations.

 

Media enquiries, contact Jeanette Tyrrell (on behalf of Council) 027 5077 599

Page reviewed: 04 Oct 2016 1:43pm