New rating valuations for New Plymouth District
New Plymouth 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 37,839 properties by independent experts Quotable Value (QV). Careful analysis shows the total rateable value for the district is now $36.1 billion, with the land value of those properties now valued at $21.7 billion.
On average, the value of residential housing has increased by 49.7% since 2019, with the average house value now sitting at $735,000
QV Property Consultant Andrew Jaques commented: “New Plymouth District hasn’t been immune to the significant value growth seen nationwide in recent years, which was primarily driven by record low interest rates. Though that growth has fallen away from the height of the market, values remain well above where they were at the previous rating valuation in 2019.”
The local commercial and industrial sectors saw largely similar increases across the district. Commercial property values increased by 24% on average, and property values in the industrial sector have increased by 43% since the district’s last rating valuation. Commercial and industrial land values have also increased by 44% and 46% respectively.
Since 2019, the average capital value of an improved lifestyle property has increased by 50% to $1,025,000, while the corresponding land value for a lifestyle property increased by 71% to $620,000. Mr Jaques said the strength of lifestyle market, typically aligned with high-end residential properties.
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 August 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 August 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 13 April 2023.
Find out more about the rating revaluation and objection process.