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Steady value growth seen in the Coromandel

Press Release – Thames Coromandel District Council

Steady value growth seen in the Coromandel reflected in new rating values The 2017 Rating Revaluation for our District has been confirmed and property owners should receive a Notice of Rating Valuation in the mail over the next few days, providing …
Steady value growth seen in the Coromandel reflected in new rating values
The 2017 Rating Revaluation for our District has been confirmed and property owners should receive a Notice of Rating Valuation in the mail over the next few days, providing an updated rating value for their property.
Rating revaluations – the details.
The new rating valuations have been prepared for 28433 properties on behalf of our District by Quotable Value (QV). It shows the total ratable value of these properties within our District area is now $20.3B with the land value of those properties now valued at $13.1B.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 July, 2017, but do not include chattels.

“The average capital value increase for residential properties in the district., over the past 3 years since the last revaluations was 36.5 % with the average increase in land values for residential properties in the district being 38.1%,” says Stephen Hare, QV Senior Consultant.

“The towns in the district that recorded the largest capital value increases in percentage terms over the last three years were Whitianga, Whangamata and Thames with properties along the Thames Coast being not further behind,” he says.

Whangamata saw the largest LV increase, due a shortage of sections for sale within the town, which has driven land values up substantially, coupled with a strong demand from holiday home buyers. Tje contour, scope, view and locality of the land also determines the value.

“Commercial and industrial property value growth in the district has been a little more subdued , with the average value for developed commercial property increasing by 6.1% since the last rating revaluation as at 1 July 2014. The average value for developed industrial property increased by 6.2%,” says Mr Hare.

“Rural and lifestyle property values have also increased with the average capital value of lifestyle properties increasing by 29.3% and land values by 31.7%. The average lifestyle value in the district is now $724,000. Dairy property capital values have increased by 9.8% over the past three years with pastoral properties increasing by 24.9%. The average dairy farm value is now $2,278,000 and the average pastoral farm value is now $2,470,000,” he says.
What you need to know up front
The valuation notices have been posted out to ratepayers from today.
A hard copy of the District Valuation Roll is available for inspection at our Thames Council office
The objection period for the general revaluation closes 19 January, 2018. To find out more about objection or to lodge an objection call our customer service team on 07 868 0200 or email them here to request an objection form.
Or get the form online here.
Further information on how our residential property values compare to other districts and to all of New Zealand can be found here or here
Please also note that our Council won’t be able to give you a figure for your rates for the next financial year yet 2018-19 While we now have the new revaluations, we’re still working through our budgets for next year’s Long Term Plan 2018-2028 and will still need to know the outcomes of any objections.
Frequently Asked Questions
Q: What is a rating valuation?
A rating valuation is based on the likely selling price (market value) of a property (excluding chattels) at a particular point in time (the effective date) of your local council’s last general property revaluation.
Rating revaluations 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. For more information go to www.ratingvalues.co.nz or watch this YouTube video which explains the process here.
Q: Who does rating valuations?
A -Revaluations are carried out either by our Council or on behalf of us by a Valuation Service Provider such as Quotable Value (QV). Rating valuations are just one of a number of factors councils use to allocate rates.
Q: How are property owners notified of new rating values once a council revaluation is complete?
A -Once a council general revaluation is completed (usually once every three years) an updated Rating Value is sent to all property owners in the areas on an Owners Notice.
Q: What is a property value made up of?
A – A property value is made up of three components: Capital Value (CV) – this is what your property is likely to have sold for at the date of your local council’s last general valuation, excluding chattels. The CV is also known as Government Valuation (GV) or Rateable Value (RV).Land Value (LV) – the most likely selling price of the bare land at the date of your local council’s last general revaluation.Improvement Value (IV) – this is just the difference between the land value and the capital value. It’s important to note here it does not mean the replacement cost of buildings and services on a property.
Q: How is a rating value calculated?
A -Assessing rating values is a service QV performs for local councils around NZ. Rating values are calculated by QV valuers who analyse recent sales and compare similar properties using technology and experience to determine a property’s rating value. QV valuers may also inspect properties sold recently and those where building consents show work has recently been completed. Because of the vast number of properties in NZ it’s not possible to view every property in person, (although many urban properties are looked at externally to check the accuracy of the proposed value level).
Q: What is the difference between a capital value and market value?
A- Capital Values (CV) are for rating purposes. The CV is the likely price you could sell a property for at the date of your local council’s last general revaluation (this differs for each council across NZ). Market valuations are different to capital valuations or rating valuations. You can request a current market property valuation at any time from a QV Registered Property Valuer. The QV Property Valuer will thoroughly inspect the interior and exterior of your property. They will also use their local knowledge and analyse recent sales data in the area. All this information will be presented in a comprehensive report that will include a market value for your property, which will be current at the date you request it.
Q: I’ve renovated my property but the rating value’s still the same.
A -If you’ve refurbished or renovated your property, but the work hasn’t required a building consent e.g. a new kitchen, bathroom, deck or something else, we or the council won’t know about those changes and your rating value may not have been amended to reflect this. In these cases you need to contact your council to have these reviewed.
Q: If my area has just had a rating revaluation then will my new value be used for rating purposes?
A- Any change in rating value will not be rated upon until 1 July of the next rates year
Q: Are there any time restrictions on making an objection?
A- Yes. There is an official objections period – check your owners notice or your our council’s website for the last day you can object.
Q: How do I make an objection to my rating value?
A – You can make an objection online, or by personal letter. Whichever way you make an objection; you’ll need to include these details:The valuation reference number, the address of the property you’re objecting about, a daytime contact telephone number, your postal address, your reason for objecting. An estimate of what you believe is the true value of the property
Q: What shall I do if I disagree with the new rating value on my property after a general revaluation in my area?
A – If you feel your property’s rating value doesn’t reflect your property’s market value (as at the date of your council’s last rating valuation), you have the right to object. The closing date to lodge an objection to your new rating value is outlined on your owner’s notice. It is approximately six weeks from when the new values are released.
Q: What is the objection process?
A- Objections are part of the valuation process because they give property valuers the opportunity to assess individual factors that they may not have been aware of so have not been considered as part of the value assessment e.g. you may have put in a new kitchen.
Q: How often is a council revaluation usually done?
A council revaluation is completed every three years. Outside of this period you may have made changes to your property, which didn’t require a consent, that might affect your rating value. If this is the case, you may be able to request an Urgent Rating Value Review – just get in touch with our Council.
Q: When might a property owner get an Urgent Rating Value review?
A -You may have completed some work on your property that didn’t require a building consent (such as a deck, landscaping, a new kitchen or bathroom etc) or you may simply consider that your rating valuation was not right at the time of your council’s last general property revaluation.To reflect the current condition of your property you can request an Urgent Rating Value Review by one of our experienced property valuers.
An inspection of your property will usually take place within five working days from your request. Our property valuer will check the accuracy of the property valuation and details held on it. They will then compare your property’s characteristics to those of similar properties as at the date of the your local council’s last revaluation to determine whether your rating value should be changed. Our property valuers are required to comply with strict guidelines set out in the Rating Valuations Act 1998 (Section 16), which outlines the need for consistency in values across all properties that are considered similar.
Q: What’s taken into account when my rating value is reviewed?
A rating valuation has many aspects to it, some of the aspects valuers consider are:
Location
Size
Condition
Character
Quality of the construction
Views / outlook
Access (drive on)
Garaging / off street parking
Other buildings or notable features
Sun (aspect)
Modernisation (kitchen and bathroom)
Number of bedrooms / bathrooms
Privacy
Access to local transportation and amenities
Street Appeal
Noise

Q: I have reroofed my property recently. Does my rating value need to be updated?
A – This may not affect the rating value, as every home requires a certain amount of maintenance to keep the home in good working condition. Not all maintenance ‘adds value’ to your property, however a potential buyer would probably view your property in a more positive light as they won’t need to re-roof for another 30 years or so.
Q: What happens if my real estate agent has told me that my rating value is too low and it should be updated?
A -All property owners are entitled under legislation to pay to have their rating value reviewed, however any new property valuation must comply with the rules stipulated in the Rating Valuations Act 1998. The primary purpose of a rating valuation is to assist your local council with the allocation of rates therefore, any new property valuation must ‘preserve uniformity with existing roll values of comparable parcels of land’. To explain this simply, if your property is one of five identical properties, they should all have a similar rating valuation.
You do have the option to request an Urgent Rating Value Review.
Q: Why is my rating valuation lower than my neighbours, particularly as I have been inside their property and I think that mine is better?
A- A lot of work can be done to a property that doesn’t require a building consent. In these instances, unless the owners have contacted QV to tell us of these changes, it is unlikely that we will know about them. This includes improvements such as modernising a kitchen or bathroom, redecorating, landscaping and much more. Our valuers can inspect your property and compare your property’s characteristics to other similar properties. Following inspection you will be sent an updated Owners Notice.
Q: What do I need to do if I have just completed an extension to my property and would like my rating value to be updated?
A -If QV is the rating valuation services provider in your area we will be automatically informed by your council when building consents and subdivisions occur and will make an inspection of the property when we are next completing valuations in your area. This could be up to 3-6 months into the future. If you would like your rating valuation reviewed urgently, you can pay to have a valuer come out at your convenience and time frame.
Q: What happens if I pay for a review and my value doesn’t change?
A -Owners are entitled to lodge an objection to the review decision if received within the specified time frame and manner required. QV may require another valuer to re-inspect the property and provide a ‘second opinion’ on the value of the property. A decision will be forwarded to the owner in due course.
Q: Who can order an Urgent Rating Value Review?
A- Only an owner or ratepayer of a property can request an Urgent Rating Value Review here

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