Wednesday 13 October 2004
Porirua City Revaluations
The triennial Porirua City revaluation has now been completed and owners will be notified by post from 21 October. Quotable Value Regional Manager, David Nagel says the total capital value of the 16,590 properties within the city has increased 36% to $5,163 million. The corresponding land value has increased 57% up to $1,905 million.
Increases have been across all property types with the largest movement being in the commercial and industrial sectors. Capital values have increased between 30-80% depending on location and property type while land values have generally increased by 180-220% on levels of 2001.
“The attraction of the Mega Centre sector and the refurbished North City Plaza has endorsed Porirua as a regional shopping destination and this has helped promote the entire business precinct”, he says.
Residential values have also increased sharply. The average value for a residential dwelling is now $252,000, up 37% on 2001 levels while the average value for an ownership unit is now $174,000, an increase of 40%.
“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.
Pastoral property increases ranged between 40-50% on 2001 values levels with both capital value and land value being affected. Lifestyle blocks have generally increased in the region of 50-60% on values three years ago.
The new valuations, as at 1 September 2004, will be used by the Council for the next setting of rates from 1 July next year. An increased valuation does not automatically mean an increase in rates for individual properties, and does not necessarily mean that more rates will be collected. The new valuations will be used in a review of the City’s rating system to ensure that the new valuations do not distort the way that rates are shared throughout the community. The public will be kept informed of the review at all stages and their input will be sought.
Copies of the valuation roll are now available for inspection at the Porirua City Council offices. Owners have until 23 November 2004 to lodge objections to the new values.