Quotable Value’s three-yearly revaluation of the Whakatāne District shows strong gains for most sectors, with the capital value of residential property increasing by an average of 33 percent. This continues a trend from the 2016 revaluation.
The increase means the average house is now valued at $484,000. Capital value (CV) includes the value of land, buildings and other ‘improvements’. The average land value increased by 36 percent to an average of $225,000. Residential house price movements show that most of this growth occurred in the last 12 months.
Among the other changes highlighted in the report were an 8.9 percent increase in the CV of dairy farms and 16.3 percent average increase pastoral farming properties. Lifestyle properties recorded an average CV gain of 35.3 percent, while industrial property CVs increased by 10.7 percent, and commercial properties by 10.4 percent.
The biggest mover was the horticulture sector which jumped by a whopping 85.8 percent. This increase is due to demand in growth for kiwifruit orchards, with increased returns and sale prices over the past two years.
Murupara had the largest percentage increase in residential values, but starting from a relatively low base. The average Capital Value for residential houses in Murupara is now $100,000 and the average land value is $18,000 ($5000 in 2016).
The new rating valuations were prepared for 16,769 properties on behalf of the Whakatāne District Council by Quotable Value (QV).
Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help Councils set rates for the following three-year period. Rating values are just one of a number of factors councils use to allocate rates.
A portion of the District’s 2020/21 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).
The updated rating valuations are independently audited by the Office of the Valuer General, and need to meet rigorous quality standards before the new rating valuations are certified.
The District Valuation Rolls are open for public inspection free of charge during regular office hours at the offices of:
Whakatāne District Council,
Commerce Street,
Whakatāne 3120
If owners do not agree with the rating value, they have the right to object. Objections must be lodged with the Council’s valuation service provider, Quotable Value (QV,) at any time before Friday, 24 January 2020.
The recommended method is to visit www.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.