New rating valuations on the way for Thames Coromandel
Thames-Coromandel property owners will soon receive new three-yearly rating valuations in the post.
Updated values have been prepared for all 30,231 properties in the district by independent valuers Quotable Value (QV) on behalf of Thames-Coromandel District Council. They reflect the likely price a property would have sold for on 1 July 2023, not including chattels.
Since the district’s last revaluation in 2020, the value of residential housing has increased by an average of 33%. The average house value is now at $1,103,000 while the corresponding average land value has increased by 32% to a new average of $731,000.
QV North Island Operations Manager James Wilson said it had been a “rollercoaster” last three years for the property market, with record-low interest rates helping to drive significant value growth in 2021, before experiencing a long period of decline throughout 2022 and 2023.
“We’ve witnessed a strong increase in residential property value levels overall since our last revaluation in Thames-Coromandel in 2020. Value levels have softened since experiencing a post-Covid ‘boom’ back in 2021, but they remain significantly higher than they were back in 2020,” he said.
“We are very pleased to now have values certified for the district, the district posed some unique challenges for our valuers who not only had to ensure that changing value trends were well analysed and understood, but also had to ensure impacts of recent weather events and potential longer-term hazard and climate change were considered.”
Meanwhile, commercial property values have increased by 21%, and property values in the industrial sector have increased by 63% since the district’s last rating valuation in 2020. Commercial and industrial land values have also increased by 28% and 65% respectively.
Horticulture continues to dominate the local rural sector, with a 43% average increase in capital values – compared to a pastoral increase of 27%, and 23% for dairy.
The total rateable value for the entire district is now $16.7 billion, with the land value of those properties now valued at $9.1 billion.
You can find out your own rates information though our online database here.
What are rating valuations?
Rating valuations are usually carried out on all New Zealand properties every three years to help local councils assess rates for the following three-year period. They are not intended to be used for any other purpose, including raising finance with banks or as insurance valuations.
They reflect the likely selling price of a property at the effective revaluation date, which was 1 July 2023, and do not include chattels. Any changes in the market since that time will not be included in the new rating valuations, which often means that a sale price achieved today will be different to the new rating valuation.
Rating valuations are calculated using a highly complex and detailed process that utilises all relevant property sales from your area. A large number of properties will also be physically assessed, particularly those that have been issued building consents in the last three years.
The updated rating valuations are then independently audited by the Office of the Valuer General to ensure they meet rigorous quality standards, before the new rating valuations are confirmed and posted to property owners.
If owners do not agree with their rating valuation, they have a right to object through the objection process before 20 June 2024.
Residential housing value changes since 2020 revaluation levels
Capital Value (CV): This is the total value of a property, including both the land and any improvements (such as buildings) on it. It's an estimation of what the property would sell for at the time of valuation.
Land Value (LV): This is the assessed value of the land itself, excluding any improvements or buildings. It represents the value of the land independent of any structures built upon it.
