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Property owners to receive new valuations in Dec

Photo: John Borren/SunLive.

Citywide property revaluations have been delayed by about a month and are now expected to be available towards the end of December.

Property revaluations take place every three years to reflect changing market values and are a legal process independently audited by the Office of the Valuer-General.

The new valuations will be used to calculate rates for the next three years, beginning on July 1, 2022.

The last Tauranga revaluation took place in 2018.

Tauranga City Council transactional services manager Jim Taylor says the Valuer-General has extended the revaluation timeframe due to the Covid-19 lockdown.

“Revaluation notices would usually be sent out in November. However, due to these delays, property owners will receive the new valuations from December 20, if the valuations are approved.”

Independent valuation company, Opteon, conducts Tauranga revaluations by analysing recent property sales information, resource and building consent data and undertaking sample inspections to establish an updated picture of land and capital values (capital value is the combined value of land and improvements) across the city.

Opteon regional director Avella Collopy says residential and industrial property values have increased strongly in the last three years.

“High demand, coupled with a lack of available development land, has increased land values throughout Tauranga. The lack of residential listings is also driving prices higher. At the same time, constraints on the building industry and significant delays in getting materials to New Zealand continue to increase construction costs.”

Collopy says growth in property values has varied across the city.

“Overall, for Tauranga, we are observing increases in residential property capital values at the lower end of the market of between 40 per cent and 60 per cent, with mid-value property increases between 30 per cent and 40 per cent. At the top end of the market, value increases are in the 20 per cent to 30 per cent range, with the exception of Matua, Mount Maunganui and Papamoa, where increases are between 40 per cent and 60 per cent.

“We’ve also seen strong movement in the industrial market, with increases between 40 per cent and 60 per cent, particularly in the Mount and Tauriko areas. Commercial properties are more varied, with movements generally between 20 per cent and 40 per cent,” Collopy says.

It should be noted that changes in valuations don’t necessarily impact rates costs, unless the change is significantly higher or lower than the citywide average.

Property owners wanting early notice of their revaluations are asked not to contact the Council or Opteon, as that information will not be available until the valuations have been audited and approved.

To find out more about the revaluation process, including the latest estimate of valuation increases for your suburb, and sign up to receive an e-valuation notice, visit our website.

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6 Comments
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@AJSummervilke

Posted on 14-11-2021 14:00 | By Kancho

Hope you are right does this mean this paragraph from Tauranga city in regard to how rates are calculated. Where it clearly says calculated on capital value General rate This variable rate is charged on the capital value of a property. General rates are paid by all ratepayers and they pay for the services provided by the Council that are not funded through a targeted rate

@ The Professor

Posted on 12-11-2021 21:47 | By groutby

....ah yes, ’Poll Tax’ I remember it from the Thatcher years, quickly abolished when polling looked bleak for the Thatcher (to become Major) Conservative government......there were riots...backlash and other ’political consequences’ at the time,....and back ’in the day’ when we had the balls to say no..and not pay, it all became too hard and was scrapped... fair?...not a chance.......

Read the Article and Understand

Posted on 12-11-2021 09:27 | By

Kancho and the Professor did you read the article? "It should be noted that changes in valuations don’t necessarily impact rates costs, unless the change is significantly higher or lower than the citywide average." You would only pay more if for some reason your value increase disproportionately to others in the city. A change in your property’s value doesn’t mean that your rates will increase or decrease by the amount of the change - they help Council work out the share of rates.

So what....

Posted on 11-11-2021 12:13 | By

....if values of property have gone up. It doesn’t mean that ratepayers have more disposable income to put towards an increase in rates!! Rates should never be set against valuations. It should be a per person rate. 4 people Ina property place more strain on the infrastructure than 2 people for example. Everyone over the age of say 21 should have to pay rates. They did this in the uk some years ago....the unpopular but fair, Poll Tax.

Inflationary pressures

Posted on 11-11-2021 11:02 | By Kancho

Not just rates but most costs, insurances, services even food running over 4 percent. I can’t imagine being a beneficiary trying to cope. As it stands fixed costs take a huge percentage of pensions. A financial nightmare for pensioners, solo mums you name it. Rents will also increase inevitably. Think more people will be queueing up for government assistance, good luck with that as money is borrowed and sloshed around on political agendas

Council windfall

Posted on 11-11-2021 10:26 | By Kancho

People on fixed incomes are going to get a shock rates increase then as property values have doubled in a few years. Trapped as selling up doesn’t help as prices on the same market means more money to buy somewhere . Rate rebates need to be increased significantly for benificeries etc. who struggle already.