Quotable Value’s three-yearly revaluation of the Whakatāne District shows strong gains for most sectors, with property capital values increasing by an average of 15.7 percent.
Reporting to the Whakatāne District Council last week, Quotable Value Rating Manager – Mid-Central, Ben Radich, indicated that average capital values (the value of land, buildings and other ‘improvements’) have recovered from the falls registered since the 2008 global financial crisis and now stand some 6 percent above the previous market peak in 2007, bringing the total District capital value to approximately $8.6 billion.
Amongst the changes highlighted in the report were a 20 percent average increase in residential capital values, while the capital value of dairy farms had increased by 21.6 percent. Lifestyle properties recorded an average capital value (CV) gain of 8.1 percent, while industrial property CVs increased by 8.4 percent, pastoral farming properties by 9.5 percent and commercial properties by 14.3 percent. Average land values across the district also increased by 17.1 percent.
Property Category | % Capital Value Change | % Land Value Change |
|---|---|---|
Commercial | 14.3 | 7.2 |
Industrial | 8.4 | 6.0 |
Dairy | 21.6 | 26.1 |
Pastoral | 9.5 | 10.9 |
Lifestyle | 8.1 | 4.8 |
Residential | 20.0 | 22.7 |
All Categories | 15.7 | 17.1 |
Average residential property CV changes varied markedly between communities, ranging from a 13.8 percent increase in Murupara to a 43.8 percent gain in Edgecumbe.
Town | % CV Change | % LV Change | Average CV | Average LV |
|---|---|---|---|---|
Whakatāne | 18.0 | 21.7 | $356,000 | $162,000 |
Edgecumbe | 43.8 | 54.1 | $275,000 | $76,000 |
Tāneatua | 20.3 | 19.5 | $113,000 | $33,000 |
Matatā | 24.8 | 27.2 | $274,000 | $148,000 |
Ōhope | 22.6 | 24.4 | $610,000 | $355,000 |
Murupara | 13.8 | -0.2 | $53,000 | $5,000 |
A portion of the District’s 2017/18 rates calculation will be based on the new capital values for each property. Properties where CVs have increased by more than the District average are therefore likely to see an increase in the rates component based on capital values. Conversely, properties where the CV gain is less than the District average will see a decrease in the capital value-based rates component. The valuation changes will not affect targeted rates (Uniform Annual General Charge, sewerage, refuse collection, etc).
Notices confirming individual property valuations will be posted to property owners on Monday, 21 November, and the new values will also be shown on the Council’s Rating Information Database from 22 November.
Owners can lodge an objection to their property valuation, if they have reason to believe it has been understated or overstated, at any time before Friday, 13 January 2017. Objections must be lodged with Council’s valuation service provider, Quotable Value (QV). The recommended method is to visit ratingvalues.co.nz, which provides advice about the information required when submitting an objection. Objection forms can also be obtained from any QV office, from the Council Civic Centre in Whakatāne, and from the Murupara service centre.