Property owners in Hastings will soon receive a Notice of Rating Valuation in the post, with an updated rating value for their property from Hastings District Council.
The new rating valuations have been prepared for Hastings’ 35,147 properties on behalf of the Hastings District Council by independent valuers Quotable Value (QV).
Rating valuations are not intended to reflect market valuations of properties through the three-year life of the valuation. A rating valuation is made at a date in time, which for this revaluation is August 1, 2022. The valuations should not be used for current market valuation purposes. They are used to determine the share of general rates payable by individual properties during the three-year period the valuation applies, in this case from July 1, 2023 to June 30, 2026.
Targeted rates, e.g drinking water, rubbish and recycling collection, are not impacted by rating values.
The revaluation does not increase the total rates recovered across the district but redistributes how those rates are collected from each property. If a property’s land value increase is greater than the average, they are likely to see a greater than average increase in their rates from July 2023. However, if a property’s land value increase is lower than the average, they are likely to see a lower than average increase in their rates from July 2023.
The average land value increase is round 72 per cent.
Whilst the 2023/24 Annual Plan is proposing an average rate increase of 8.7 per cent, the movement for different properties will vary greatly. Some of our residential suburbs have seen increases of land values greater than 100 per cent, which will result in rate increases of 15-25 per cent. However, some commercial, pastoral and horticultural properties have only seen land value increases of 30-60 per cent, which will result in rates decreases of 5-15 per cent.
The revaluation process was greatly impacted by the effects of Cyclone Gabrielle. Given the time constraints and a lack of market data, it was not possible to include the impact of the flood damage in the new values.
This required a change in the definition of Capital Value and Land Value, under the Severe Weather Emergency Recovery Legislation Act 2023, which means these rating valuations have not taken into account damage to land or improvements, such as houses, vineyards or buildings. You can find out more about this, and the answers to many other frequently asked questions about Hastings rating valuations, on the QV website https://www.qv.co.nz/news/new-hastings-rating-valuations-faqs.
You can view your new valuation and rates by visiting www.hastingsdc.govt.nz/services/properties-and-rates/my-property, where you can enter your address.
If owners do not agree with their rating valuation, they have a right to object through the objection process before August 3, 2023 (noting that objections based on cyclone damage are excluded apart from the complete removal of buildings).
For more information on the valuation process visit: www.qv.co.nz/about/about-rating-valuations or call 0800 787 284.
5 July 2023
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