New rating valuations on the way for Rangitikei
Rangitikei property owners will soon receive new three-yearly rating valuations in the post.
Updated values have been prepared for all 8,777 properties in the district by independent valuers Quotable Value (QV) on behalf of Rangitikei District Council. They reflect the likely price a property would have sold for on 1 August 2023, not including chattels.
Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 26%. The average house value is now at $428,000, while the corresponding average land value has increased by 46% to a new average of $158,000.
QV Rangitikei team leader Jason Hockly said it had been a “very interesting” last three years for the property market.
“Record-low interest rates helped to drive significant value growth in 2021. However, the market has experiencing a long period of decline throughout 2022 and much of 2023. In most recent times, the market has generally showed a stabilisation in value level.”
The average capital value of an improved lifestyle property has increased by 29% to $754,000 since the district’s last revaluation, while the corresponding land value for a lifestyle property has also increased by 52% to $333,000.
“Rangitikei's lifestyle market has seen strong growth since 2020, with its relatively low price point by national standards appealing to those wishing to begin lifestyle living,” Mr Hockly added.
Meanwhile, commercial property values have increased by 19% and property values in the industrial sector have increased by 23% since the district’s last rating valuation in 2020. Commercial and industrial land values have also increased by 29% and 41% respectively.
Pastoral continues to dominate the local rural sector, with a 26% average increase in capital values compared to dairy increase of 14%.
The total rateable value for the district is now $8.0 billion, with the land value of those properties now valued at $5.3 billion.
Residential housing value changes since 2020 revaluation levels:
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
They reflect the likely selling price of a property at the effective revaluation date, which was 1 August 2023, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your area. A large number of properties will also be physically assessed, particularly those that have been issued building consents in the last three years.
The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
If owners do not agree with their rating valuation, they have a right to object through the objection process before 22 December 2023.
Find out more about the rating revaluation and objection process.