Property Revaluations On Their Way

Dunedin, 21 October 2013 – The latest property revaluations will be arriving in letter boxes from tomorrow.

In the Dunedin City Council area, there has been an overall 3.1% increase in capital value and a 2.8% rise in land value over the past three years.

DCC Financial Controller Maree Clarke says the average residential property in Dunedin is now worth $289,800, compared with the 2010 average of $277,700.

The commercial and industrial property market overall is similar to 2010, with a 2% increase in commercial capital values and a 0.2% increase in industrial. Overall, the rural property category has risen by 10.3%, reflecting consistent growth in dairy and pastoral properties.

Every three years the DCC’s valuation service provider, Quotable Value, revalues the properties within the DCC area. The revised values reflect property values at 1 July 2013.

At the time of the revaluation, there were 54,799 rateable properties.

In terms of Dunedin residential properties, the biggest capital value movements by suburb included Central City North (up 10.7%), Brockville (up 7.8%), Green Island (up 5.2%) and Corstorphine (up 5.1%).

Individual property revaluations may vary from the overall average for the suburb. The specific details of individual properties are available at www.dunedin.govt.nz/rates or www.qv.co.nz. Property owners and occupiers are entitled to object in writing to the revised valuations by 28 November 2013.

Subject to any objections, these new valuations will form the basis for rating for the 2014/15 year. Rates bills will not be affected until 1 July 2014. Changes in capital value do not automatically mean rates increase or decrease because of the change.

Almost all rate accounts are made up of rates based on the capital value of a property as well as rates charged as fixed amounts. When property values change as a result of a revaluation, the largest impact relates to the general rate. The impact on general rates paid by individual properties depends on whether the property capital value has changed by more than, or less than, the overall increase in capital value by that property type.

Rating policy issues will be discussed at the Council’s January budget meetings.

For the first time, property sales data is also available on the DCC website, under the Rating Valuations Rules 2008. DCC Manager Information and Technology Nadine Gaffney says this information has always been publicly available, but in line with DCC moves towards greater transparency, the details of most property sales within the past three years will now be included in property information on the website.

ENDS

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