ALDEN WILLIAMS/FAIRFAX NZ
The latest property valuations for Invercargill and Bluff have shown a narrowing of the gaps between higher and lower-valued areas, amid “strong’’ overall growth during the past three years.
The most vigorous increases in average dwelling values have been in Appleby/Georgetown, South Invercargill and the central city itself.
The most modest increases are in the traditionally higher-value areas like Windsor/Richmond, Rosedale/Waverly, Gladstone/Avenal and Otatara.
Figures released by the Invercargill City Council, based on a new round of triennial Quotable Value (QV) assessments show that an average Invercargill residential dwelling is now valued at $384,000, up from $260,000 in 2017.
Residential values overall are now, on average, 48 per cent higher than three years ago.
Land values have risen far more sharply, averaging a shade under 60 per cent higher. The most striking rises, driven by strong demand, reached 180 per cent in both South Invercargill and Appleby/Kew.
Mercifully, these figures don’t simply translate into rates increases.
That’s because they don’t change the overall amount that the city council receives in rates. That is a figure decided, independently, by the council itself.
But the new valuations can change – up or down – the size of each ratepayer’s proportional contribution to that overall figure.
If your place’s valuation has gone up more than most others, your rates are liable to rise as a result.
If most others have gone up more than yours, the amount you’re rated for is liable to go down. But even then, don’t get you hopes up – because councils pretty reliably increase the overall rates take each year. So you may be paying a smaller proportion of a bigger overall amount, and that could still work out to be a rates increase.
For its part, the council has welcomed the “strong’’ valuation increases.
Finance and assurance group manager Michael Day said these were good news for the city though he acknowledged they “would have an impact on the distribution of rates’’.
Property owners will receive their new valuations in the post after November 25 but they will be available on the council’s website no later than November 20.
For those without internet access, information is available at the civic administration building or Bluff service centre.
People who don’t agree with their new rating value or have made improvements to their property that didn’t require building consent, but they believe has added value not reflected in their new valuations, have until January 22 to lodge objections.
The new council rates, taking into account their new rating values, will apply from July 1 next year.