Web Banner Tairawhiti

New property values on the way

28 Sep 2017

New property values on the way

Properties throughout the district are being revalued as part of a 3 year legislative practise, but it doesn’t necessarily mean sweeping changes for all.

It’s done to create fair and equitable rates for the next 3 years.

Ratepayers owning properties that increase or decrease by the same percentage as everyone else would be likely to see little change to their rates’ bill.

Expect to see those new revaluations in early November.

There is an objection period through to early January with the new values in effect from 1 July 2018.

Council revenue team leader Fiona Scragg says one of the most common asked questions is just how are these new valuations determined.

Council have contracted registered rating valuers Opteon Technologies Ltd (previously Landmass Technology Ltd). It's the company who has completed the same job for the past 9 years.

“The new valuations are the likely price a property would sell for on one day of a 3-year cycle,” says Ms Scragg.

That date is 1 July 2017. Opteon uses rating methodology to arrive at the figures, which are purely for rating purposes only. While they don’t visit every property, they do call by a good cross-section of the district.

“If your property values increase or decrease more or less than others, then your rates may well be affected,” says Ms Scragg.

She’s quick to add those keen on buying or selling are encouraged to get an independent market valuation done, which takes different factors into consideration.

Maori land properties are valued slightly differently to others, predominately because they cannot easily be sold.

The properties receive the Mangatu Discount, which takes into account the number of owners and any sites of significance.

Opteon will report back to Council in late October before findings are made public. The revaluations are audited by the Valuer General who visits the region and inspects the work.

The practise is a must-do for Council and is done in accordance of the Rating Valuations Act 1998. Revaluations were last done in 2014.

More information on rating valuations