New rating valuations on the way for Horowhenua
New rating valuations on the way for Horowhenua
Horowhenua District property owners will soon receive a Notice of Rating Valuation in the post, containing an updated rating value for their property.
The new rating valuations have been prepared for 19,440 properties on behalf of the Horowhenua District Council by Quotable Value (QV). They show that the total rateable value for the district is now $14.35 billion, while the land value of those properties is now $7.74 billion.
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 (excluding chattels) at the effective revaluation date, which is 1 August 2025.
On average, residential property values in the Horowhenua District have decreased by 12.1% over the three years since the previous effective revaluation date of 1 August 2022. The average home value is now $568,000, while land values have also decreased 17.2% to $270,000.
QV Consultant Jason Hockly said, “While the new rating valuations show a decrease in property values over the past three years, most of this decline occurred in 2022 and early 2023 after the post-Covid peak of late 2021- early 2022. Since mid-2023, values in the district have been relatively stable.”
“Residential markets throughout the district have shown variable value changes since 2022. Capital Values (CVs) have decreased by between 5% to 20% depending on type and location, and land values have also seen variable decreases, with most on average down between 5% to 25%.”
“The commercial and industrial markets have been mostly stable since 2022, with any upward or downward variations being property specific.”
Hockly added, “Overall, commercial properties have decreased in capital value (CV) by 4.0%, and industrial properties have increased by 2.0%.”
In the rural sector, values have mostly remained steady across the district; however, there has been an average decrease of 20% for hill country land values.
District-wide averages show that dairy farms have decreased in capital value by 0.8%, with pastoral properties decreasing 2.6%. Horticultural properties have decreased by 4.0%, and forestry properties have decreased 2.4%.
Overall, the lifestyle category has decreased 13.8% on capital value (CV) and 12.6% on land value (LV).
The effective rating revaluation date of 1 August 2025 has now passed, and any changes in the market since then will not be included in the new rating valuations. In many cases, this means a sale price achieved in the market today may differ from the new rating valuation set as at 1 August 2025.
The updated rating valuations are independently audited by the Office of the Valuer-General and must meet rigorous quality standards before the new rating valuations are certified. They are not designed to be used as market valuations for raising finance with banks or as insurance valuations.
New rating values will be posted to property owners from 17 December 2025. If owners do not agree with their rating valuation, they have the right to object by 5 February 2026.