Prop­erty value in­crease in Tau­marunui

Ruapehu Press - - Your Local News - FRANCES FER­GU­SON

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

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