Wairoa updates rates values

QV's latest appraisals. Photo / File

Wairoa District property owners will soon receive a 2015 Notice of Rating Valuation with an updated rating value for their property.

A rating value reflects the likely price a property would sell for at the effective date, (not including chattels - movable personal items such as curtains and appliances). The effective date of the rating value means the date on which a home's rating value was reassessed. The effective date for the Wairoa rating revaluation was August 1, 2015.

Any changes to council rates are not effective from this date, however; new council rates taking into account the new rating values will be effective from July 1, 2016.

The new rating values have been prepared this year by Quotable Value (QV) on behalf of the Wairoa District Council.

QV uses a mass-appraisal process to ascertain the new rating values. This involves taking relevant property sales in an area around the effective date (except mortgagee sales) and establishing a market trend which is then applied to similar properties in that area.

Bevan Pickett, Napier's QV team leader, said the Wairoa District Council updated rating values once every three years.

"When viewing the Wairoa property value index over time, you can see the change in residential property values that occurred up to 2015," he said.

"Since the last revaluation in 2012, property values have been trending up and down within a narrow band. Residential values are generally below those from three years ago.

"The rural sector has shown some signs of optimism with most lifestyle blocks and farms showing stability with increases in value observed in some parts of the rural market."

A new rating value may show a change in value, but it doesn't necessarily follow that future rates will proportionately change.

When the council sets rates, a rating value is expressed as a percentage of the total value of all properties in an area.

Residents' Notice of Rating Valuation with the updated rating value will be posted in early October.

Residents can disagree/object, with the objection close-off date being November 12.

-You can object online at ratingvalues.co.nz or phone 0800 787 284 to request an objection form.