Preparations for Kāpiti property revaluations begin
Around 500 business and rural property owners in Kāpiti will shortly be receiving surveys from Quotable Value (QV), as work gets underway for the upcoming property revaluations.
Group Manager Corporate Services Wayne Maxwell says that councils are required to ensure property values in the district are reviewed and revalued every three years. This was last done in 2014 and will be redone this year, with effect from 1 July 2018.
“We’ve engaged QV to do this work and this starts with surveying a sample of business and rural properties to help provide up-to-date information on aspects such as changing rentals, accommodation and vacancy levels and rural production rates. This information helps us better understand changes since the last revaluation, including impacts of the Expressway, and this is taken into account in the districtwide revaluations”, he says.
Property owners across the district will receive draft revaluations in October and will have an extended opportunity to object to their revaluations by early December 2017 and have them reviewed before they’re used as the basis for property rates from 1 July 2018.
“It’s important to remember that increasing the rateable value of a property does not automatically result in the equivalent rates increase for that property,” says Mr Maxwell.
”The total amount of rates collected by the Council each year are allocated across the community using a combination of land value, capital value and fixed charges, with differential rates applied in some cases. Typically, where a property’s revaluation exceeds the average revaluation increase in an area, the property will have a slightly higher rates increase than the average. Conversely, a property that has a revaluation below the average revaluation increase for that area will have a slightly lower rates increase than the average.”
Property owners with queries about this survey can contact QV on 0800 QVRating (0800 786 822) or [email protected].
21 April 2017