New property values reflect growth

Western Bay ratepayers will soon learn their latest property revaluation from the council. File photo.

Western Bay of Plenty's buoyant economy and growth is reflected in increased property values across all sectors of the district, according to the latest revaluation results.

Western Bay ratepayers will receive information on their latest property revaluation next week when Western Bay of Plenty District Council sends letters to all property owners.

Council's Chief Financial Officer Matt Potton says the overall trend since the 2014 valuation reflects an increase in the value of residential and lifestyle properties, horticultural, dairy and pastoral. However the range in values varies across separate communities.

The valuation was carried out last month by the independent valuation firm Landmass Technology and audited by the Valuer-General.

The kiwifruit orchard sector is leading the charge, reflecting the industry's return of investment and expansion post-PSA.

'Confidence in kiwifruit is evidenced by these properties showing the largest increases in value of all categories in the district,'' says Matt.

'Similarly, dairy farms and pastoral properties have increased in value since 2014 indicating long-term confidence in the dairy industry. This confidence has supported property values and strengthened demand for farming land.''

Development growth in the district since mid-2015 has resulted in residential properties increasing in value but, in percentage terms, lower-value properties have tended to increase more than higher value properties.

The lifestyle market continues to strengthen with the highest jump being vacant lifestyle property, however overall increases are a little less than for residential properties.

Te Puke, Pongakawa and Paengaroa residential and lifestyle property values have increased significantly which is credited to the Tauranga Eastern Link opening up ease of access.

Revaluations do not necessarily mean an increase in rates. Valuations only impact on the General and Roading rates which comprise just a portion of the total rates bill. Usually only properties where value has increased above the average may face increased rates in 2017/18. However it is important to note the rates have not been determined for the 2017/18 year.

The new valuations will come into effect on July 1, 2017. Anyone who does not agree with their valuation is welcome to lodge an objection up until January 27, 2017.

All property owners will receive notice of their new valuation plus a brochure with all the necessary information about the revaluation process and how to make an objection.

Objection forms are available from Western Bay Council offices and on Council's website www.westernbay.govt.nz

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1 comment

Yay - our properties are now worth more!

Posted on 07-12-2016 07:03 | By Cydifor

But hang on a minute mate - it will not help the situation at all. If I want to sell up and get a load of dosh for my home I am going to have to pay out more to buy another home. No gain in that for me unless I sell here and move to Invercargill. And what about my rates demand - of course the rates will hike up as my property is now worth more - a lose lose situation!


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