2 November 2012

New Rating Valuations for Palmerston North City

The Palmerston North City Revaluation has been completed and owners will be notified of their new Rating Value in the second week of November. The new values have an effective valuation date of 1st September 2012.

Quotable Value manager, Simon Willocks says the Palmerston North City’s 2012 rating valuations have, for most residential, commercial and industrial properties remained unchanged from their 2009 values.
Some residential locations including parts of Kelvin Grove and Brightwater have had slight increases to their capital values, and other capital value changes are specific to individual properties reflecting condition and saleability for certain property types.

The newer parts of Kelvin Grove could also sustain a land value increase to reflect recent sales levels and apart from isolated changes, the residential land values across the City have remained relatively static.

The average house value is $301,000, and the average ownership flat value is $213,000.

The Commercial and Industrial sectors have also remained reasonably static, however there has been a noticeable shift away from the traditional CBD retail precincts since 2009, and these areas have had value decreases to recognise this trend.

Rural property values have decreased between 10-20% from the stronger 2009 levels, although the land brought into the Palmerston North City boundary had already recognised this drop in the rural market (as it was last revalued in 2010) and were able to hold their values.

Lifestyle properties have generally held their values, backing up the residential trends. However, the old values could not be sustained for many high end value properties and many of the properties within the boundary change area.

The Palmerston North City Council will use the new values as the base for setting rates for the 2013/14 financial year. Council’s strategy manager – finance, Steve Paterson says Council staff will be reviewing the new values over coming weeks and then advising Council what impacts they might have on rates assessed for individual properties.

“It is important to realise that the changes to values does not increase or decrease the total rates revenue for the Council”, says Mr Paterson. “Instead, rates are spread amongst ratepayers in slightly different proportions than before”.

Copies of the valuation roll are available for inspection at the Palmerston North City Council offices. Owners have until 13 December 2012 to lodge objections to the new values.

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