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Steady increase in values across Wairoa District over the past three years

2021 12 2b

The Wairoa District Rating Revaluation for 2021 is now confirmed and property owners will soon receive an updated rating value for their property.

The rating revaluation figures show the total rateable value of the 7,036 properties within the Wairoa District Council is now $4,324,845,000, up 76.6% from three years ago, with the land value of those properties now valued at $3,073,305,000, an increase of 97.4%.

The new rating valuations have been prepared by Quotable Value (QV) on behalf of the Wairoa District Council.

QV General Manager, David Nagel said the Wairoa district has followed the nationwide trend with significant value growth, especially in the residential sector, with house values nearly doubling at 98.3% growth since the previous valuation in 2018. The latest valuation results reflect confidence in the local economy with real estate agents reporting multiple bids at auctions and tenders.

“The average value for a residential house in the Wairoa District is now $378,745, up from $194,166 in 2018, with the average corresponding land value for those properties increasing to $179,695 up from $74,005 in 2018.”

Mr Nagel said there has been strong growth in the value of lifestyle properties as well with the average improved lifestyle block increasing 66.3% to $570,345, with the corresponding land value increasing 103% to 293,981.

“Pastoral and horticultural units have generally seen increases between 65-85% since the previous 2018 revaluation, with dairy assessments holding at a 35% increase.

“There is strong demand for quality farms that are well located and have a good finishing ability. Additionally, those with fertile soils and irrigation potential are also being snapped up. A notable observation was the continuing trend of traditional hill properties, with land suitable for planting, being sold for woodlot/carbon purposes.

“There’s been renewed demand for business use property, particularly within Wairoa township, after a sustained period of inactivity. Land values for Wairoa’s business sector have shown the most significant growth from the revaluation with land values increasing 220% since 2018.  Capital value increases have been less spectacular but also reflecting strong value growth with industrial and commercial values increasing 45% and 58% respectively over the three-year period.”   

Wairoa District Council's Chief Executive Officer Kitea Tipuna said rating valuations are carried out on all properties in New Zealand, usually once every three years, to specifically help local councils apportion rates for the following three-year period. 

“The effective rating revaluation date is August 1, 2021, so any changes in the market since then won’t be included in the new rating valuations.

“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. Rating valuations should reflect the likely selling price of a property at the effective revaluation date and are not designed to be used as market valuations for raising finance with banks or as insurance valuations.”

Mr Tipuna said rating values are just one of a number of factors councils use to allocate rates. A property owner’s rates do not necessarily go up the same percentage as the valuation increase.

“The valuation is only a means of levying/distributing the rates across the district. The total amount of rates required for the district does not change because of the revaluation of the district.

“The Council determines rate requirements after considering the region’s long-term budget every three years. The Council looks at the cost of services the district needs and subtracts revenue from fees and charges and other sources, which leaves the rates required to run the district. That rate requirement is then shared across the district based on each property’s capital value.

“The impact of the new valuation on an individual property's rates will depend on how the property's change in value compares to the average change in value for that type of property. This year we expect the effects of the revaluation to be more consistent across the rating base now that Council has a simplified rating system that is weighted more towards rateable values.”

Once the values have been released, a schedule of new values will be available in hard copy from the Wairoa District Council offices, and property addresses will be searchable on QV’s website at www.qv.co.nz. Sales information is also available on the QV website to allow ratepayers to research local sales and valuations. Council rates will be updated based on the new 2021 rating valuations from July 1, 2022. New rating values will be posted to property owners after next Wednesday, December 8, 2021. If owners do not agree with the rating value, they have the right to object with the objection close-off date January 29, 2022.

2021 12 2a

 

 

 

 

 

 

 

 

 

 

 

2 December 2021

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