New rating valuations for Whakatane District Council
Whakatāne District property owners will soon receive a Notice of Rating Valuation in the post with an updated rating value for their property.
The new rating valuations have been prepared for 16,669 properties on behalf of the Whakatāne District Council by independent property valuers Quotable Value (QV). Careful analysis shows the total rateable value for the district is now $16.7 billion, with the land value of those properties now valued at $9.1 billion.
The value of residential housing has increased by an average of 53% since the district’s last rating valuation in 2019. The average house value is now at $766,000, while the corresponding average land value has increased by 86% to a new average of $429,000.
QV Bay of Plenty Manager Michael Power commented: “Whakatāne certainly hasn’t been immune to the very significant home value growth that we saw across New Zealand in 2020 and 2021, which was primarily driven by record low interest rates. Although that growth has fallen away throughout 2022 and now well into 2023, home values are still much higher on average than where they were at the time of the previous rating valuation in 2019.”
Meanwhile, he said the local commercial and industrial sectors have had comparatively moderate increases across the district. “Commercial property values have increased by 24% on average since the district’s last rating valuation, and property values in the industrial sector have increased by an average of 36% over the same period of time. Commercial and industrial land values have also increased by 32% and 57% respectively.”
The latest data shows that horticulture dominates the rural sector locally, with a 166% average increase in capital values compared to pastoral increase of 53% and 8% for dairy.
Since 2019, the average capital value of an improved lifestyle property has increased by 50% to $906,000, while the corresponding land value for a lifestyle property increased by 53% to $526,000.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They reflect the likely selling price of a property at the effective revaluation date, which was 1 September 2022, and do not include chattels.
It is helpful to remember that any changes in the market since that time will not be included in the new rating valuations. Often this means that a sale price achieved in the market today will be different to the new rating valuation set at 1 September 2022.
The updated rating valuations are independently audited by the Office of the Valuer General and need to meet rigorous quality standards before the new rating valuations are certified. They are not intended to be used as market valuations for raising finance with banks or as insurance valuations.
New rating values will soon be posted to property owners. If owners do not agree with their rating valuation, they have a right to object through the objection process before 8 June 2023.
Find out more about the rating revaluation and objection process.
