New Property Valuations for City
13 NOVEMBER, 2009
For Immediate Release

Quotable Value has released its new property valuations for Hamilton.

The valuations, carried out every three years, are an important part of the process for setting rates for the 2010/11 financial year.

For residential property, the average house value (Capital Value) exclusive of chattels, has increased 1.17 per cent to $334,520, since the 2006 revaluation. The average section value (Land Value) has decreased 2.1 per cent to $160,239.

The valuations are effective 1 September 2009, and notices will be sent out to all property owners early next week.

John Gibson, Council’s Revenue Manager, says it is important for ratepayers to remember that a change in the rateable value does not mean rates for that property will change by a similar percentage.

“Council does not collect more rating income as a result of increased property values, or less rating income if values decrease. “

Rather, the impact on ratepayers will be determined by their individual capital or land value change compared to the average change for that rating category – residential, commercial or industrial etc.

“If your value increase is greater than the average for that category, you will receive a rates increase. If it is less than the average, you will see a rates decrease. “

Mr Gibson says the size of the ‘rating pie’ remains the same (apart from any change in the rates revenue budget from the previous year), but some owners will get a rates increase, some a decrease, and some will stay the same.

Richard Allen, the regional operations manager for Quotable Value, says valuations are based on recent property sales in the city.

“What we have seen in Hamilton in the last three years, is that values have increased significantly, peaking at the end of 2007, but they have now dropped back to 2006 levels.”

If property owners wish to discuss their valuations, they can contact Quotable Value on 0800 787 284. If they then wish to lodge an objection, they have until 8 January 2010. Objections need to be in writing and forms are available from Quotable Value or the Council office.

All property values will be available to view at www.hamilton.co.nz/myproperty from 18 November 2009.

ENDS

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