Steve Wilson of Kāpiti Valuations says the 37% average residential valuation increase does not mean a corresponding increase in rates.
Mr Wilson says councils set budgets then its rates are proportioned across the district and in Kāpiti the local rates are based primarily on Land Value.
Last month Kāpiti ratepayers heard from Quotable Value (QV) with the updated valuation for their properties. Mr Wilson says anyone can dispute the valuation and objections can be lodged with QV by December 8.
“There may be some incorrect information QV have used, particularly on older properties and we have noticed some inconsistencies where very similar properties have significant variation in value.”
“Property owners can go back to QV if they think the property is valued to high or to low, and you can suggest a valuation and they may come and inspect the property,” says Mr Wilson.
He says the 37% jump in valuations is the largest three year hike he has seen for a long time but ultimately the market will determine the price.
KCDC Corporate Services manager Wayne Maxwell says 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.
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.
Steve Wilson: www.kapitivaluations.com
