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Rates revaluation notices issued this week in Hastings

Contributor:
Fuseworks Media
Fuseworks Media

The 2019 rates revaluation notices were posted out to Hastings ratepayers this week, giving an updated rating value for their property.

Hastings District Council contracts Quotable Value (QV) to undertake these revaluations, which are legally required to be conducted every three years.

Prepared for over 32,000 properties, the new valuations will be used to set the rates for the three years from July 1, 2020. The values are a snapshot of the market at a single point of time and the figures compiled by QV show that within the Hastings district the total rateable value is now $27,776,831,000 - a 40 per cent increase on the last revaluation three years ago.

The total land value of those properties has increased 51 per cent to $14,744,002,000 in that time.

The average residential house value is now $562,400 up 42 per cent and land value has increased 52 per cent to an average of $263,000, with the value level varying depending on location and house type.

Since 2016, the total capital value of commercial property has increased 25 per cent, the industrial sector 41 per cent and lifestyle property up by 35 per cent.

While the revaluation does not increase the total rates recovered across the district, it does redistribute how those rates are collected from each property. Property owners can object to the revaluation if they do not believe it is correct - objections should be made directly to QV before December 4, 2019.

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