Thursday 11 November 2004
Hastings District Revaluation
The triennial Hastings District revaluation is nearing completion and owners will be notified by post from 25 November. Quotable Value Napier Manager, Christina Watson says the total capital value of the 28,896 properties within the district has increased 68% to $11.3 billion. The corresponding land value has increased 115% up to $5.8 billion.
Increases have been across all property types with the largest movement being in the the coastal towns of Te Awanga, Haumoana, Waimarama and Waipatiki.
The value of most sections in these towns has trebled in the three years since the last revaluation while capital values have often doubled.
Other residential properties in the district have also increased sharply. The average value for a residential dwelling is now $247,000, up 75% on 2001 levels while the average value for a section is now $102,000, an increase of 131%. Similarly, the average ownership flat has increased 70% to $175,000 with the average section value increasing 122% to $62,000.
“The residential sector has thrived in the past 18 months with a buoyant economy and relatively low interest rates fuelling demand and maintaining the pressure on house prices”, she says.
Pastoral, dairy and horticulture capital values have increased between 70-90% depending on location and property type while land values have generally increased by 80-130% on levels of 2001.
“Rural market activity had been strong subsequent to the 2001 revaluation with the pastoral sector being particularly buoyant. The pipfruit market, which was strong through 2002 and 2003, has tapered off in 2004. Transaction prices are still well above those levels assessed three years ago”, she says.
The commercial and industrial sectors have also performed well as a result of the strong economy within Hawke’s Bay. Capital values for commercial and industrial property have generally increased in the region of 20-50%, with the average land value increasing between 90-140%.
Copies of the valuation roll will be available for inspection at the Hastings District Council offices from 17 November. Owners have until 10 January 2005 to lodge objections to the new values.
The Hastings District Council’s Policy and Revenue Manager, Lex Verhoeven, says that the new valuations will not be used for rating purposes until 1 July 2005. This will allow adequate time for any objections to the new values to be settled.
He added that it was important to realise the new valuations did not mean more rates would be collected, and that an increase in valuation did not necessarily result in an increase in rates for individual properties. Some properties will face increased rates bills because of the revaluation, and there will also be some experiencing decreases.
The Council will be analysing the effect of the new values in the coming months and assessing its options. A newsletter on the effects of the revaluation will be distributed to property owners.