Property value growth in Kaipara reﬂ ected in new rating values
The Kaipara District Rating Revaluation for 2017 is now confirmed and property owners will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.
The new rating valuations have been prepared for 14,819 properties by Quotable Value (QV) on behalf of Kaipara District Council.
Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period.
Rating values are just one of a number of factors councils use to allocate rates.
These new valuations will be used to assess rates for the year commencing July 1, 2018.
The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was September 1, 2017, but do not include chattels.
The rating revaluation figures compiled by QV show the total capital value of the 14,819 properties within Kaipara District Council is now $8.6 billion with the land value of those properties now valued at $5 billion. This is a 33.3 per cent increase from the previous 2014 value level.
“Kaipara district residential value movements can be broken down into the west, central, and eastern regions,” says QV Senior Consultant, Thomas Ujdur.
“The central Kaipara region has been the standout performer as the market recognised the relative undervalued nature of smaller towns such as Kaiwaka, Maungaturoto, and Paparoa – their price attractiveness compared to Mangawhai and relative proximity to Auckland.
“The western region, incorporating Dargaville and Te Kopuru, has experienced consistent but moderate gains until the beginning of 2017 when values increased significantly as the market factored in the undervalued nature of the west relative to the central and eastern areas.”
The overall average increase for residential properties from the 2014 valuation level is 47 per cent on capital value and 59 per cent for land value.
Commercial and industrial properties have also seen value increases, with the average value for developed commercial property increasing by 35 per cent since the last rating revaluation in 2014.
The average value for developed industrial property increased by 17 per cent.
Mr Ujdur says it is helpful to remember the effective rating revaluation date of September 1, 2017 has passed and any changes in the market since then won’t be included in the district’s new rating valuations.
“In many cases a sale price achieved in the market today may be different from the new rating valuation set as at September 1, 2017. Rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.”
New rating values will be posted to property owners after November 29. If owners do not agree with the rating value they have the right to object. The objection close-off date is January 31, 2018.
n To find out more about objection or to lodge an objection online go to ratingvalues.co.nz or telephone 0800 787 284 to request an objection form.
Overall residential valuations in Kaipara have risen steeply since the last rating revaluation in 2014.
“The central Kaipara region has been the standout performer as the market recognised the relative undervalued nature of smaller towns… their price attractiveness compared to Mangawhai and relative proximity to Auckland.
-- Thomas Ujdur, QV Senior Consultant