Rates revaluation 2016

Revaluations of all Waipa properties take place every three years and are used to help Council set rates.

Council’s contracted valuation service provider, Quotable Value, completed a district rating revaluation in November 2016.  The revaluation is based on sales data over the previous 12 months.

The new valuations will be used to set the rates for the 17/18 financial year which begins 1 July 2017.

Residential properties in Waipa have increased in value by an average of 38% and property in the Waipa district is worth $3.81 billion more than it was three years ago.  All up, the district has seen an average 23.1% increase in the capital value of property compared to a 1.6% increase in 2013.

Residential properties have seen the biggest increases – particularly in the towns of Cambridge and Leamington. The capital value of the average Waipa house is now $462,000.

Valuations are now available and will be posted out to property owners from Monday 14 November. Property owners have until 22 December 2016 to object their valuation.

View your valuation information here: Rating Information Database.

What is the average increase across the district?

The average increase across all towns and all property types is 23.1%.

Which property types had the biggest increase?

Residential properties have had the biggest increase with an average increase of 38.2%.
The smallest increases apply to Commercial properties (7.6%), Industrial properties (7.2%) and dairy (13%).

Property typeIncrease in capital value​​Average capital value of property
​Lifestyle​21.9%​$717,000
​Pastoral​14.5%​$2,184,000
​Dairy farm​13.2%​$3,869,000
​Commercial​7.6%$​1,150,000
​Industrial​7.2%​$1,249,000
​Residential​38.2%$​462,000

Which towns had the biggest increase?

Cambridge and Leamington have seen the highest increase in their residential properties.

Property TypeIncrease in capital value​​Average capital value of property
​Residential property (across Waipa)​38.2%$​462,000
​- Cambridge​44.9%​$534,000
​- Leamington​44.7%​$485,000
​- Ohaupo​35.5%​$382,000
​- Te Awamutu​32.4%$​378,000
​- Kihikihi​29.3%​$287,000
​- Pirongia​19.4%​$417,000

What does this mean for my rates? If my capital value has gone up 30%, does this mean my rates will go up 30%?

If your property value has gone up by 30%, that doesn’t mean your rates will also go up by 30%.

The total amount of rates we require to run the district doesn’t change because property values change. Rating values are just one component of how rates are assessed.

The revaluation could change how rates are spread among different property types. For example, those properties that have a significantly higher increase than the district wide average (residential) will see higher increases in rates than those properties that sit well below the average (commercial, industrial, dairy, pastoral).

The impact on rates won’t be known until Council works through the budgets for next year as part of the Annual Plan process which will include detailed modelling on the impact of the valuation.

How often are notices issued?

A general revaluation occurs every three years.

Who carried out the valuation?

Waipa’s valuations were assessed on Council’s behalf by Quotable Value. The process is independently audited by the Office of the Valuer General, a division of Land Information NZ.

How are the valuations formed?

Valuers consider your property’s attributes and local sales around the time of the local council revaluation. A market trend is established and applied to similar properties.

What is the total worth of Waipa properties?

Waipa District is worth $16.6 billion, compared to $12.79 billion in 2013.

I’m not happy with my valuation – what should I do?

In the first instance, you should contact Council and we can go through any concerns with you. You can call us on 0800 WAIPA DC (0800 924 723).

If you are still unhappy with the valuation, then you can make an objection.

I haven’t received a letter with my new valuation, what should I do?

If you haven’t received your valuation letter yet please call Council on 0800 WAIPA DC (0800 924 723).

You can also check out your new valuation with our Rating Information Database.


 


 

Page reviewed: 11 Nov 2016 11:57am