South Waikato District value increases by $800 million
The 2018 district revaluation was completed recently. Values were assessed as at 1 July 2018 by independent valuers and then audited and approved by the Office of the Valuer General.
Overall the South Waikato has increased in value from $6 billion to $6.8 billion, an increase of $800 million. Increased property values is exciting news for owners. Our economic profile is on the lift and increasing district values are a key indicator of growth and development.
Residential and lifestyle property values increased the most, by an average of 71% and 44% respectively. Commercial properties increased by 19% and forestry by 8%. Decreasing in value is dairy farms by -5% and other farms by -9% (pastoral).
Council anticipated increasing property values - especially for residential properties - in its recent Long Term Plan (LTP); and decided for 2019 to adjust the Uniform Annual General Charge (UAGC) percentage to help smooth the rate impact of valuation changes.
"These new valuations will be used to set rates from July 2019," said Martin Warren, Council's Revenue Manager. "Because of the wide variance in property value changes, the revaluation will have different impacts on rates for each property from July 2019."
To check your valuation and its impact on the rates for your property for the 2019-20 year, please follow this link.
Ends. Words: 217