Wednesday 27 October 2004
Hutt City Revaluations
The triennial Hutt City revaluation has now been completed and owners will be notified by post from 4 November. Quotable Value Regional Manager, David Nagel says the total capital value of the 38,323 properties within the city has increased 33% to $11,482 million. The corresponding land value has increased 42% up to $4,719 million.
Increases have been across all property types with the largest movement being in the residential sector. The average value for a residential dwelling is now $267,500, up 38% on 2001 levels while the average value for a section is now $112,500, an increase of 45%. Similarly, the average ownership flat has increased 34% to $156,000 with the average section value increasing 47% to $65,000.
“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”, he says.
Rural values have also performed strongly with capital and land values increasing between 40-80% depending on location and property type while lifestyle properties have generally increased by 25-35% on levels of 2001.
Central commercial and industrial properties increased on average between 10-30% while the commercial and industrial areas of Petone and Seaview generally increased in the region of 20-60% on levels of 2001.
The new valuations, as at 1 September 2004, will not be used for rating purposes until 1 July 2005. This should allow adequate time for most objections to the new values to be settled. It is important to realise that an increase in valuation does not necessarily result in an increase in rates for individual properties, and does not necessarily mean that more rates will be collected. There will however inevitably be some properties that will face increased rates bills because of the revaluation, just as there will also be some experiencing decreases. The Council will however analyse the effect of the new values over the coming months, and attempt to minimise any extreme changes in individual rate bills.
Copies of the valuation roll are now available for inspection at the Hutt City Council offices. Owners have until 10 December 2004 to lodge objections to the new values.