New valuations released

Published on 04 December 2013

4 December 2013

Mayor Annette Main says the revaluation of the district has resulted in changes that are reflected in other provincial areas.

“The decline in values from the September 2013 revaluation is not unexpected,” Mayor Main said.

“Our valuations are done by QV, using a method which takes relevant property sales to determine a market trend. This trend is then applied to similar properties in the area to allocate valuations.

“Following the 55.8 % increase we experienced in 2007, when the property market was at its height, we saw a 6% percent drop in capital values in 2010 and there has been a further decline of 4.5% in this latest revaluation. The average land value has declined by 6.2% in 2013.

“Other local authority areas are also anticipating drops in valuation and Porirua City recently reported lower valuations in many suburbs, including Plimmerton.”

The Council uses property values to set some rates. Rates that are affected by capital value are roading, stormwater, debt retirement, Central Business District and the fire-fighting part of the water rate. Land value affects the general rate.

“The effect on individual properties will vary, although the revaluation changes have been more consistent across the board than in previous years. In general, property owners whose land or capital value has fallen more than the average will pay a lower share of Council costs.”

The Council is required to undertake new valuations on property around the district every three years in order to set the rates for the coming financial year.

“Rateable valuations are calculated to enable the sharing of costs of providing community services between properties. They are not necessarily an accurate indication of the worth of a property and we encourage people to obtain their own valuation when buying and selling,” Mayor Main said.

New valuations are being posted to property owners from December 2 and the valuation roll can be viewed at the Wanganui District Council offices in Guyton Street. Owners have until 21 January 2014 to lodge objections to the new values.

More information about “Understanding your Rating Value” can be found at www.qv.co.nz.