Property value increase in Taumarunui
Rating revaluations for the Ruapehu District show a sharp increase in the value of properties, including a 25 per cent increase in Taumarunui over the past three years.
The Ruapehu District Rating Revaluation for 2017 was outlined in a presentation to the Ruapehu District Council on Wednesday.
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.
Rating valuations are carried out on all properties in New Zealand, usually once every three years, specifically to 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
‘‘Taumarunui residential values have increased the most with lower priced properties noticeably in high demand.’’
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.
The rating revaluation figures compiled by QV show the total rateable 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 not seen the same increases. Commercial and industrial property values have increased across the District. The average capital value for developed commercial property is $522,000 increasing by 5.0% since 2014. The average capital value for developed industrial property is $232,000 increasing by 7.7% over three years.
Ruapehu Residential Property Values