Waikato district property values have risen by an average of 33.7 per cent in the past three years.
Property owners in the district can expect to receive their three-yearly Quotable Value (QV) revaluation in the next week or two, with revaluation notices expected to start landing in letter boxes from the end of next week [the week ending Friday 20 October].
Waikato District Council’s General Manager Strategy and Support Tony Whittaker says, “The new rating values will be used to calculate Council rates from the start of the next rating year, from 1 July 2018, but a change in your rateable value does not mean rates for your property will change by a similar percentage.”
“The Council does not collect more rating income as a result of increased property values or less rating income if values decrease,” he says.
“You might expect an increase in your general rates if your property value has increased by more than the 33.7 per cent average increase in property Capital Value across the district. But if your property value increase is less than the average, then your general rates might go down.”
He says the rating valuation is only one factor in determining the total rates you will pay, as rates are also based on the type of property you own, the services you enjoy, and any rebates that might apply.
Also, while the average rise in property Capital Value across the district is 33.7 per cent, changes in individual property valuations will vary considerably depending on the type of property, its size, location, and any distinctive characteristics.
Mr Whittaker says the Council is required to revalue all the properties in the district every three years, and employs Quotable Value Ltd (QV) to undertake the process. The rating value is a reflection of what a seller might expect to receive if they sold the property at the time of the revaluation (1 July 2017) excluding chattels (e.g. carpets, drapes, and light fittings).
“If you have concerns about your new rating value when you receive it we encourage you to contact Quotable Value Limited,” he says.
A flier included with the revaluation notice will include all the information property owners will need if they want to contact QV (on 0800 787 284) or to lodge an objection online at www.ratingvalues.co.nz. Objections must be lodged no later than 24 November.
If for any reason property owners have not received their ‘Notice of Rating Valuation’ by the end of the month, they should email the Waikato District Council rates team on email@example.com.