Revaluation objection period coming to a close
Last month Kāpiti ratepayers heard from Quotable Value (QV) with the updated valuation for their properties. These reflect the likely selling price, excluding chattels, at the revaluation date of 1 August 2017.
Kāpiti Coast District Council Group Manager Corporate Services Wayne Maxwell says he'd like to remind property owners who don't agree with their updated valuation that they have until 8 December to lodge objections with QV.
"Property valuations are one of the factors that determine how rates are allocated across the district, with a combination of land value, capital value and fixed charges playing a part, and differential rates applied in some cases," says Mr Maxwell.
Rates in the Kāpiti Coast District will not be based on the new 2017 rating valuations until 1 July 2018.
"The total amount of rates collected by the Council from ratepayers across the district isn't affected by an increase in property values," says Mr Maxwell.
Typically, where a property's revaluation increase exceeds the average increase, the property will have a higher rates increase than the average. Conversely, a property that has a revaluation increase below the average will have a lower rates increase than the average.
"The Council are very mindful that some homeowners will be concerned about the possible impact on rates of an increased valuation," says Mr Maxwell.
"We've already started to look at the impact of the revaluations on rates and affordability across our district as part of our current rating review and we'll be talking more with the community on this in the months ahead. Any proposed changes to how we spread rates costs across the district will be shared with the community for their feedback early in 2018, as part of the consultation on our next long term plan."
To find out more about objecting or to lodge an objection online go to http://www.ratingvalues.co.nzor call QV toll free 0800 787 284.
The new rating valuations have been prepared for 25,599 of properties on behalf of the Kāpiti Coast District Council by Quotable Value (QV).
The rating revaluation figures compiled by QV show the total rateable value of the 25,599 properties within Kāpiti Coast District Council is now $15.08 billion with the land value of those properties now valued at $7.32 billion.
The average house value in the district is now $541,500, an increase of 37% on capital values three years ago.