Land values increase 90%

RESIDENTIAL land values in the Queenstown Lakes district have risen more than 90% in the past three years, according to the latest rating valuations.

Council chief financial officer Stewart Burns said property values overall had risen more than 56% since the last revaluation in 2014, while residential capital values had increased more than 63%.

Although the council used the values for setting rates for the next three years, an increase in a property’s capital value did not automatically lead to a rates increase, Mr Burns said.

‘‘If your property’s valuation increase is higher than the average for the district, then the capital value portion of rates on the property will be proportionally higher in the next rating year.

‘‘The reverse also applies where properties could see a decrease in the capital value portion of rates.’’

The capital value portion of rates equated to about 50% of an annual rates assessment.

Quotable Value’s estimated median property values as of July 31 are: Queenstown $1,047,500, Wanaka $1,053,350 and Arrowtown $1,221,200.

QV will send the district’s property owners their new valuations from October 4.

Property owners can object to their new valuation before November 10.