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New rating valuations for Thames-Coromandel District properties

Contributor:
Fuseworks Media
Fuseworks Media

New rating valuations for properties in our district have been completed and property owners will soon receive a notice in the post with the updated rating value for their property.

The valuations are carried out by independent property assessment firm Quotable Value (QV), under contract from our Council.

The rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations; they are carried out on all properties every three years to assist in setting rates for the next three-year period and are independently audited by the Office of the Valuer General and need to meet rigorous quality standards.

The general revaluation of properties helps us work out everyone’s share of rates. An increase in a property’s land or capital value does not mean that the property rates will automatically increase by the same percentage. For example, an increase in property value of 20 per cent does not mean that your rates will increase by 20 per cent. Budgets set through the Long Term Plan (LTP) and Annual Plan processes also affect rates. Both the revaluation and the budgets set determine the rates.

We’re currently running a community survey to help our Council develop draft budgets for the 2021-2031 LTP. This closes on 4 December and people can go to tcdc.govt.nz/longtermplan2021 for more information and to take the survey. Another opportunity to have input into decisions about Council budgets, projects and services proposed in the LTP will come in a public consultation in March 2021.

The revised rating values are effective as of 1 September 2020 and the new notices of valuation are being posted to property owners and ratepayers from 2 December.

The District Valuation Rolls are open for public inspection, free of charge, during regular office hours (8am - 4:30pm) at our Thames service centre at 515 Mackay Street. The revised values can be viewed until close of business on Friday, 22 January 2021.

Objections to the revised valuations can be lodged in writing or online at www.ratingvalues.co.nz no later than 22 January 2021.

Objection forms are available from our Council service centres, our Council website at www.tcdc.govt.nz/qv. They should be posted to:

Quotable Value Ltd - Business Support

Private Bag 39 818

Wellington Mail Centre

Lower Hutt 5045

More information about "Understanding your Rating Value" can be found at www.ratingvalues.co.nz.

How property values are calculated

To calculate property values, QV compares recent sales in the area with the property being valued. Also considered are:

Property type

Location

Land size

Zoning

Floor area

Consented work (renovations, new build, subdivisions etc)

The main trends for the district

(Graph, above: Residential Dwelling Average Value)

"Residential house values have grown very strongly this year - particularly on the eastern side of the Coromandel," says QV property consultant Jarrod Hedley. "Though we’ve seen the most growth at the lower end of the market, there remains strong demand for beach-front property."

Our district has 29,242 properties. The overall value of property in the district has increased 19 per cent since the 2017 valuation to around $25.085 billion.

Residential properties make up 76 per cent of the property numbers and 73 per cent of the district value - have increased on average 20.9 per cent to just over $822,000.

Lifestyle properties make up 13 per cent of the property numbers and 12 per cent of the district value - have increased around 13.1 per cent.

Commercial and Industrial make up 3 per cent of the property numbers and 4 per cent of the district value - have increased on average of 27.7 per cent for commercial and 18.5 per cent for industrial.

Rural properties make up 2 per cent of the property numbers and 5 per cent of the district’s value - have increased on average 27 per cent based off strong increases in horticulture and forestry.

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