Kāpiti Coast’s growing attraction reflected in latest property revaluations
House values have risen across the Kāpiti Coast district in the last three years by an average of 29.1% according to the latest revaluation by Quotable Value (QV).
Kāpiti Coast District Mayor K Gurunathan says the attraction of Kāpiti continues to grow and the new valuations, which put the average house price at $711,465 up from $541,000 in 2017, is not a surprise.
“Kāpiti is a great place to live and with factors like the imminent opening of Transmission Gully and the housing pressures in Wellington we can expect more people to look at moving here,” Mr Gurunathan says.
“We are expecting more retirees and young families to see the light and join us on the Kāpiti Coast, which is going to see demand for housing continue to increase. Put simply, Kāpiti is hot and this is borne out in property values.”
The new rating valuations have been prepared for 26,134 properties and show the total capital value for the district is now $20,092,493,000 with the land value of those properties now valued at $10,946,834,000.
Kāpiti Coast District Council Group Manager for Corporate Services Mark de Haast says an increase in the rateable value of a property does not mean an equivalent rates increase for that property.
"Typically, where a property’s revaluation increase exceeds the average revaluation increase, the property will likely have a higher rates increase than the average rates increase for the district.
“Conversely, a property that has a revaluation increase below the average revaluation increase will have a lower rates increase than the average rates increase for the district.
“We know there are concerns in the community about rates affordability as we grapple with the ongoing impacts of COVID-19, but it is important to understand that the total amount of rates collected by the Council from ratepayers across the district isn’t affected by an increase in property values,” Mr de Haast says.
“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, with differential rates applied in some cases.”
Mr de Haast says the Council will look at the impact of the of the revaluation on rates as part of its rating system review.
“Any change proposals for how rates are spread across the district differently will be shared with the community for feedback in 2021. Rates will not be based on the new 2020 rating valuations until 1 July 2021.”
QV will be posting new rating values to property owners next week. If owners do not agree with their rating valuation, they have the right to object before 4 December 2020. Like the last two districtwide revaluations, the Council has asked QV to extend the objection period from four to six weeks to provide more time for property owners to fully consider their new property valuations.
To find out more about objecting or to lodge an objection online go to www.ratingvalues.co.nz or call QV toll free 0800 787 284.
Visit www.kapiticoast.govt.nz/reval-answers for more information.