New QV rating revaluations.

Quotable Value (QV) media release Wed 11 Oct 17.

The Ruapehu District Rating Revaluation for 2017 is now confirmed and property owners will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

The new rating valuations have been prepared for 9805 properties on behalf of the Ruapehu District Council by Quotable Value Ltd (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period. Rating values are just one of a number of factors councils use to allocate rates. Council rates will not be based on the new 2017 rating valuations until 1 July 2018.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 July, 2017, but do not include chattels.

The rating revaluation figures compiled by QV show the total ratable value of the 9805 properties within the Ruapehu District is now $4.778 billion, with the land value of those properties now valued at $2.539 billion.

QV Senior Consultant, Simon Willocks said, Strong demand for residential properties has pushed prices up beyond the levels established in 2014.

Taumarunui residential values have increased the most, with lower priced properties noticeably in high demand and driving up these levels beyond the averages. Owhango Township and some ageing and poorly maintained property types have baulked these increases.

Commercial and industrial properties have also seen improved values across the District although property type and quality are main criteria for value changes. The average capital value for developed commercial property is $522000 increasing by 5.0% since the last rating revaluation in 2014, and the average capital value for developed industrial property is $232,000 increasing by 7.7% over the past three years.

Lifestyle properties have increased since 2014 with the average improved lifestyle property capital value increasing by 13.3% to $360,000 with the corresponding average land value for a lifestyle property increasing by 9% to $137,000.

Simon Willocks said, The rural market has also seen a 15% increase across most farming types although traditionally poor performing manuka land has seen an upsurge in demand from apiarists.

It is helpful to remember the effective rating revaluation date of 1 July 2017 has passed and any changes in the market since then won't be included in the new rating valuations.

This means in many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 July 2017 and that rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.

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.

New rating values will be posted to property owners after 11 October, 2017.

If owners do not agree with the rating value they have the right to object. The objection close-off date is 17 November, 2017. To find out more about objection, or to lodge an objection online, go to www.ratingvalues.co.nz.

For more information please contact: Simon Willocks at QV NZ. [email protected]

Residential average changes since 2014 and average Capital (CV) and Land (LV) Values