Published on 29 January 2024
Next week Waitaki will begin receiving notification of their new ratings valuations in the post.
The process of valuation of capital and land value in the district takes place every three years and applies to the 14,552 properties in the Waitaki District. It was carried out by independent valuers Quotable Value (QV), and audited by the Office of the Valuer General before they are confirmed and sent to property owners.
The average rise in residential housing in the district is 24%, at $460,000, while land value has increased by 58% to an average of $197,000. Lifestyle properties has increased 33%, and stands at $700,000 with their land value rising by 35% to $340,000. Commercial property has seen a 16% rise, and industrial properties a 26% rise – with their respective land values rising by 84% and 74% in that time.
These figures do not represent a proposed rise in rates, but the new values are used to help Council assess its rates for the next three years.
Mayor Gary Kircher says: “Valuations help Council determine how part of the rates take is shared across the district. A number of key activities are rated on property values, with the majority of other activities funded by set amounts per property. It’s important to recognise that the overall ratetake does not increase as a result of the new valuations, though individual properties can see increases or decreases depending on the relatable change overall.”
Property owners will be able to appeal the new valuation of their property with QV between the time of notification, and Thursday March 14 2024. Details of this process will be available in the notification letter.