New Rating Land Valuations to be Released Soon

Quotable Value’s new land and capital property valuations will be sent out to all property owners in New Plymouth District later this week.

NPDC Manager Financial Services David Ogier says the overall district has seen an average rise in land value of 73 per cent, and in capital value of 47 per cent, since Quotable Value’s last valuation three years ago.

“However those are district-wide averages only – within each land type there are significant fluctuations in values,” says Mr Ogier.

Forestry blocks have seen the highest increase in land value, rising 119 per cent from 2004, followed by pastoral land with a 109 per cent increase. Land values for residential properties rose 64 per cent while commercial and industrial properties rose 57 per cent.

Among residential properties, the largest increases in land values were in urban Inglewood (up 196 per cent) and urban Waitara (up 194 per cent), followed by Okato (up 162 per cent), rural Inglewood (up 147 per cent) and rural Taranaki (up 116 per cent). At the other end of the scale, land values in Fitzroy/Strandon/Northgate rose 37 per cent and in Urenui by 26 per cent.

NPDC uses land values to determine the rates payment for each property. However, an increased land value will not necessarily result in a rates increase for a particular property.

“It depends on whether your land value’s percentage increase is greater or smaller than the average for that particular rating group across the district,” says Mr Ogier.

“If the average increase is higher than your property’s increase then you would pay proportionately less, and if the average increase is lower then you would pay proportionately more.

“On top of that are any increases in rates the council might set as part of the next Annual Plan process. No one’s rates payments will change during the current financial year – any changes resulting from these land valuations will be brought in for the 2008/09 financial year.”

To help property owners understand the impact the latest valuations will have, NPDC is preparing a comparison of every property’s current rates with what they would have paid if the new valuations were already in place.

“This will give owners an idea of how their property’s value sits within the bigger picture of the district,” says Mr Ogier.

“People can phone in from early next week to find out what their details are.” 

Summary of Rating Valuation Movements