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Media Release

6 December 2017

Steady value growth seen in the Masterton District over the past 3 years to be reflected in new rating values

The Masterton District Rating Revaluation for 2017 is now confirmed and property owners will soon receive a 2017 Notice of Rating Valuation with an updated rating value for their property.

The new rating valuations have been prepared for 12,590 of properties on behalf of the Masterton District Council by Quotable Value (QV).

Rating valuations are carried out on all properties in New Zealand, usually once every three years to specifically help local councils set rates for the following three year period. Rating values are just one of a number of factors councils use to allocate rates. Council rates will not be updated based on the new 2017 rating valuations until 1 July 2018.

The updated rating valuations should reflect the likely selling price of a property at the effective revaluation date, which was 1 September, 2017, but do not include chattels.

The rating revaluation figures compiled by QV show the total ratable value of the 12,590 properties within Masterton District Council is now 6.09 billion with the land value of those properties now valued at 3.11 billion.

QV General Manager, David Nagel said, “We’ve seen large values increases right across the Masterton District with the greatest value growth reflected in the residential sector”.

“The average capital value for a residential dwelling has increased by 31.5% to $328,000 with the corresponding average land value for a residential dwelling increasing by 28.0% to $135,000”.

Total CV Change

%

Total LV Change

%

2017 Average CV               ($)2017 Average LV ($)
Business Use13.3%27.7%$835,500$358,500
Rural14.2%14.4%$1,644,000$1,347,000
Lifestyle18.7%21.5%$521,500$243,500
Residential31.4%28.0%$314,500$134,000

Further information on how Masterton residential property values compare to other districts and to all of New Zealand can be found at www.qv.co.nz/property-trends/residential-house-values .

“Commercial and industrial properties have also seen value increases, with the average capital value for developed commercial property increasing by 13.8% since the last rating revaluation in 2014, and the average capital value for developed industrial property increasing by 11.8% over the past three years.”

“Rural and lifestyle properties have also seen moderate values increase since September 1, 2014 with the average improved lifestyle property capital value increasing by 18.6% to $612,000 with the corresponding average land value for a lifestyle property increasing by 22.4% to $247,000.

“It is helpful to remember the effective rating revaluation date of 1 September, 2017 has passed and any changes in the market since then won’t be included in the district’s new rating valuations and also that RVs do not include chattels.”

“This means in many cases a sale price achieved in the market today may be different to the new rating valuation set as at 1 September, 2017 and that rating valuations are not designed to be used as market valuations for raising finance with banks or as insurance valuations.”

The updated rating valuations are independently audited by the Office of the Valuer General, and need to meet rigorous quality standards before the new rating valuations are certified.

New rating values will be posted to property owners after 13th December, 2017 or you can view online with the property and rates search. If owners do not agree with the rating value they have the right to object. The objection close-off date is 2nd February, 2018. To find out more about objection or to lodge an objection online go to www.ratingvalues.co.nz or call 0800 787 284 to request an objection form.