Some Far North landowners have been shocked to see their property values plummet in the latest valuations.
Every three years valuation company QV puts a value on every property in the district. The figures are used by the council to set rates and can influence selling prices. The lower values reflect the slide in property prices since the financial crisis of 2008 and the Far North's oversupply of sections.
Among those shocked by her property's new value is Avril Sanderson from Pawarenga, North Hokianga.
Her farm's value has dropped by $27,000 or 12.5 per cent, and she can't console herself with the prospect of a lower rates bill when the council starts using the new value to calculate her rates from July next year. Because almost every property has lost value, only those which have fallen by more than the 19.5 per cent average are likely to see their rates drop.
Capital values (the value of land plus buildings) have dropped less sharply, averaging just under 12 per cent.