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New valuations for Hamilton properties
New valuations for Hamilton
properties
30 October
2012
From next week Hamilton ratepayers will receive notices advising them of their property’s latest revaluation.
Every three years Hamilton City Council, along with all councils in the country, is required under the Rating Valuations Act 1998 to review the valuation of all properties in the city. The process to determine new values is governed by legislation, and valuations are audited and approved by the Office of the Valuer General, an independent government authority.
The last revaluation was carried out in Hamilton in 2009, with independent registered valuation company Quotable Value (QV) employed by Council to undertake revaluations of properties this year.
The revaluations, effective from 1 September 2012, show the change in property values within the city over the last three years relative to each other. The size of the overall “rating pie” for the city stays the same.
For residential property, the average house price (capital value) exclusive of chattels has increased 0.5 per cent to $341,500 since the last revaluation in 2009. The average section value (land value) has increased 2.0 per cent to $162,000.
Hamilton City Council Revenue Manager John Gibson says: "The revaluation is a reflection of the current sales market. The general trend is that capital values are reasonably similar to those from 2009. There are however some areas within the city where there have been more significant changes. This is as a result of sales evidence indicating the increased demand for vacant land in the north east, and some high density residential areas around Waikato University.”
Rates from 1 July 2013 will be confirmed once the total rates revenue required is set through Council’s annual planning process. This process will include public consultation and will take place in early 2013.
Further information regarding the revaluation and the objection process will accompany the new valuation notices being sent to property owners.
Information and individual property values will also be available to be viewed at www.hamilton.co.nz/revaluation2012 from 5 November 2012.
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