Waikato district property values have risen by an average of 15 per cent in the past three years.
Property owners in the district can expect to receive their three-yearly Quotable Value (QV) revaluation notices in their letterboxes in the week starting Monday 3 May.
Waikato District Council’s Chief Financial Officer Alison Diaz said the new rating values will be used to calculate Council rates from the start of the next rating year, 1 July 2021.
But she stressed that the change in rateable value does not mean rates for a property will change by the same percentage.
Waikato District Council’s preferred option, laid out in its Long-Term Plan consultation document, is to lift general rates by 9% for the coming rating year, and then 3.5% for years 2 and 3 of the plan.
This is in response to the district’s high growth and changing community and regulatory expectations, while also allowing for uncertain economic conditions through the COVID-19 recovery.
“This means that if the Council’s preferred option is confirmed through the current consultation, properties that increase by the average district revaluation of 15 per cent will pay 9 per cent more in general rates,” said Ms Diaz.
“Any property where the capital value has increased by more than the average will pay more than indicated, and any property where the capital value has increased by less than the average will pay less than indicated. Targeted rates have also increased and are in addition to the general rate based on the services each property receives.
“This year the Council found itself in the unusual position of having to propose its rating options before it knew what impact the three-yearly district revaluation might have, and the Council will not make a final decision on rates for the coming year until after hearings are held on the Long Term Plan this coming month.”
Long Term Plan submissions close on Friday 7 May at 5pm.
Property owners should soon be able to see how their own property will be affected by revaluation, and the proposed rating changes, on the Council’s rating information database online.
“If you have concerns about your new rating value when you receive your notice, we encourage you to contact Quotable Value Limited using the information included with your revaluation notice,” said Ms Diaz.