Horowhenua Valuations
Wednesday, 23 November 2011
The Horowhenua District Revaluation has now been completed and owners will receive their new Rating Valuation by post from the 23rd of November. Copies of the valuation roll are also available for inspection at the Horowhenua District Council offices.
Quotable Value Horowhenua revaluation team leader, Jason Hockly, advised Council that the total capital value of the 17,855 properties within the District has decreased 10% to $5.691 billion. The corresponding land value has decreased 18% down to $3.047 billion.
The rating valuations are completed 3 yearly with the new values having an effective valuation date of 1st September 2011.
Most of the reduction in values for the District occurred in the first year of the 3 yearly cycle as the global recessionary influence affected values in the District. Since early 2010 the market has remained reasonably stable. The value reductions are similar to other Districts in the Lower North Island which have also been revised this year.
In the Residential sector, capital values have decreased in all areas, except Ohau and Manakau, which is slightly positive. The greatest drop in values negates a lot of the increases that were gained in the 2008 valuations. Even with the decreases they sit well above the 2005 values. (See Table One below.)
Lifestyle property values around Levin have generally held up against the 2008 values, however a softening of values has occurred in the northern part of the District. There is a glut in lifestyle sections currently on the market, a leftover from the boom times, which is putting downward pressure on land values.
Rural properties have had reasonably consistent decreases across the District from areas with the best soils through to areas with poorer quality soils. Forestry land and hill country values have been hit the hardest.
In the Commercial and Industrial sectors prime properties have held their values with some secondary properties showing larger decreases.
Property owners can contact QV directly on 0800 787 284 with any queries on the new valuations. Owners will have until 31 December 2011 to lodge objections to the new values.
Two tables follow that show the incidence of the changes.
Table One – Residential Summary by Location
| Location |
Average Capital Value |
% Change |
Average Land Value |
% Change |
| Levin |
$194,526 |
-9.6% |
$76,659 |
-17.6% |
| Foxton |
$146,809 |
-9.6% |
$53,771 |
-9.9% |
| Foxton Beach |
$201,836 |
-13.2% |
$95,578 |
-17.0% |
| Shannon |
$145,646 |
-9.1% |
$36,026 |
-25.4% |
| Waitarere |
$281,807 |
-4.3% |
$127,722 |
-10.3% |
| Tokomaru |
$179,750 |
-7.1% |
$57,606 |
-15.1% |
| Hokio & Waikawa Beach |
$229,110 |
-10.9% |
$125,198 |
-15.0% |
| Ohau & Manakau |
$352,293 |
2.6% |
$128,465 |
-0.2% |
Table Two – Revaluation Summary by Sector
| Sector |
No. Assts |
2011 Capital Value
($000) |
% Change |
2011 Land Value
($000) |
% Change |
| Farming – Animal Production |
968 |
1,216,133 |
-18.3 |
1,056,646 |
-19.6 |
| Crop & Specialist |
407 |
342,531 |
-16.8 |
269,145 |
-19.6 |
| Forestry and Mining |
81 |
37,679 |
-32.3 |
34,945 |
-33.9 |
| Lifestyle |
1840 |
687,008 |
-6.9 |
380,543 |
-16.3 |
| Residential |
13,303 |
2,580,467 |
-8.7 |
1,091,028 |
-15.7 |
| Commercial |
387 |
244,518 |
-2.8 |
86,059 |
-8.7 |
| Industrial |
360 |
137,572 |
-11.9 |
50,964 |
-26.1 |
| Other |
509 |
445,569 |
7.3 |
77,240 |
-15.9 |
| TOTAL |
17,855 |
5,691,476 |
-10.3 |
3,046,508 |
-17.7 |
Quotable Value Horowhenua revaluation team leader, Jason Hockly advised that “Just because your Rating Value may show a change in value, it does not necessarily mean that your future rates will proportionately change. The total amount of rates required does not change as a result of the total value of properties in the district. Rating Values are just one component which is used to determine the share of the total rates that individual ratepayers need to pay.”
Find out more
For rating value questions please visit QV's "Property Information" section on their website and click on the orange box located at the top right (pictured below), or visit their FAQs and Support page.
You can also contact QV on 0800 787 284.
For questions related to local property rates please phone Horowhenua District Council's Customer Service Centre on (06) 366 0999.
The closing date for objections for Horowhenua District Council is 31 December 2011. You can object to the new valuations online at www.QV.co.nz or call 0800 787 284 to request an objection form.