Wednesday 22 September 2004
Upper Hutt City Revaluations
The triennial Upper Hutt City revaluation has now been completed and owners will be notified by post at the end of September. Quotable Value Regional Manager, David Nagel says the total capital value of the 15,087 properties within the city has increased 33% to $4,007 million. The corresponding land value has increased 45% up to $1,464 million. Increases have been across all property types with the largest movement being in the residential sector.
“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.
The average value for a residential dwelling is now $231,500, up 35% on 2001 levels with the average value for a unit now $133,000, an increase of 40%.
Pastoral property increases ranged between 20-35% on 2001 values levels with both capital value and land value being affected. Lifestyle blocks have generally increased in the region of 25-40% on values three years ago.
Commercial and industrial properties have increased on average 21% since 2001, with land values increasing by between 35-60%.
“A significant amount of redevelopment is currently being undertaken within Upper Hutt which is reshaping the commercial precinct”, says Mr Nagel.
The new valuations, as at 1 August 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 Upper Hutt City Council offices. Owners have until 5 November 2004 to lodge objections to the new values.