The latest Waimakariri District property valuations were released by Quotable Value (QV) last month, leading to a flurry of activity on social media, as property values fell and many expected a rates decrease.
Since the last revaluation in 2022, the value of residential properties has decreased by an average 1.53%, with the average house value now $746,000.
One person commenting on social media claimed their property value had decreased by $330,000.
‘‘Those who have big valuations or variations and don’t understand it, should ask for a review with QV to understand why it’s moved,’’ Millward said.
Valuations have been updated for all 30,369 properties in the district based on what the property would have sold for on June 1 this year, not including chattels.
‘‘It could be an error or it could have allowed for added improvements which haven’t happened, or the area has had high price sales or lower priced sales, so it pays to check.’’
Rates have already been set for the 2025/26 financial year, so the new valuations will be considered as part of next year’s annual plan considerations.
Even then, around 70 to 75% of rates bills are made up of fixed charges, so a variation in property value will not make a significant difference for most ratepayers.
For example, sewer rates are charged equally across all ratepayers using the service. Property valuations are considered for items such drainage and general rates.
The recreation rate is fixed depending on whether a property has a building on it, or not.
‘‘Valuations can go up or down, but our rate requirements don’t change,’’ Millward said.
‘‘If every property in your area goes down the same amount then your rates won’t change.’’
The average decrease of 1.53 percent for residential properties is ‘‘insignificant’’ so will not make a difference for the majority of ratepayers, he said.
Property owners have until November 7 to make an objection against their valuation at: qv.co.nz/services/rating-valuations/object-rating/.
By David Hill, Local Democracy Reporter
■ LDR is local body journalism co-funded by RNZ and NZ On Air.
