Property values up in latest Kāpiti revaluation
26 Oct 2023, 9:07 AM
Residential property values have risen across the Kāpiti Coast district in the last three years by an average of 12 percent according to the latest revaluation by Quotable Value (QV).
This compares to an average 29 percent rise in the three years to 2020. QV will be sending revaluation letters to property owners in the coming days.
Council is required to keep a rating information database and update it by having properties in the district revalued at least every three years. The Council contracts QV to do these revaluations.
Kāpiti Coast District Mayor Janet Holborow says changes in property values will mean different things for different people.
“Housing is very personal, and circumstances can vary significantly,” Mayor Holborow says.
“This change could be great news, not so great or of little consequence.
“What the valuations tell us is Kāpiti remains a desirable place to live but like elsewhere in New Zealand we have challenges with housing availability and affordability.”
Group Manager for Corporate Services Mark de Haast says council understands revaluations can make property owners nervous about what changes could mean for rates.
“We know a rise in property value doesn’t suddenly mean a rise in the spending money people have available to them,” Mr de Haast says.
“An increase in your property value may not mean you pay more in rates.
“Where a property’s revaluation increase is larger than the average increase, the property will have a slightly higher rates increase than average. A property that has a revaluation increase lower than average will have a slightly lower rates increase than the average.
“Revaluation helps us work out everyone’s share of rates, but it doesn’t increase the total amount of rates we collect.
“The rates required in the coming years will be determined in the upcoming Long-term Plan process, and we’ll be looking at the impact of revaluations and affordability as part of our future planning.
“We recognise times are tough and council has been clear about the need to carefully prioritise our work in the coming years.”
If owners do not agree with their rating valuation, they have the right to object before 14 December 2023.
To find out more about valuations or to lodge an objection online go to www.ratingvalues.co.nz or call QV toll free 0800 787 284.
Visit kapiticoast.govt.nz/revaluations for more information.