QV set to release property review

By Lawrence Gullery

Quotable Value is about to release details of its triennial property review for Central Hawke's Bay, that, in turn, will be used to help set rates for the rural district in the 2013/14 financial year.

QV rating team leader Bevan Pickett said it was important CHB ratepayers examined their revaluations carefully when they arrived in the mail after the first week in December.

"Rating values in CHB are updated once every three years. When viewing the CHB council property value index, you can see the change in property values that occurred up to 2012.

"Since the last revaluation in 2009, property values initially had a large drop and since then trended up and down within a narrow band.

"Values are generally slightly lower than they were three years ago."

Mr Pickett said people also needed to understand the 2012 rating values wouldn't be used by the council to set new rates until the next financial year.

"Just because your rating value may show a change in value, it does not necessarily mean that your future rates will proportionately change."

Valuations were just one component used to determine the share of the total rates property owners would need to pay. People had an opportunity to object if they believed their rating value was not accurate. The closing date for objections was January 2013.

QV used a process called "mass appraisal" to calculate valuations. Rating valuers considered relevant property sales from CHB at the time of the review, assessments of individual properties every year as a result of building-consents issues, as well as subdivisions, sales inspections, objections and ratepayer requests to update their rating values.

Otane was the only settlement in CHB that recorded an increase in values at the 2009 triennial review, which revealed values of coastal properties plunged compared to the previous review in 2006 when valuations tripled.


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