Hamilton's residential capital values have increased an average of 0.5 per cent to $341,500 across the city - with St Andrews, Pukete and the CBD scoring the highest increases, while values in Chartwell, Chedworth and Beerescourt took the biggest hits.
The latest property revaluations for the city were revealed yesterday and indicated little movement in residential capital values from when they last carried it out three years ago. The capital value includes land and building but exclude chattels.
Hamilton City Council revenue manager John Gibson said the revaluation was a reflection of the current sales market as of September 1, 2012 and there were only some areas in the city such as the CBD where there had been significant changes.
However residential land values - what the council bases its rate take on - increased an average of 2 per cent to $162,000.
Mr Gibson said this was largely due to demand for vacant land in the north east and some high density residential areas near Waikato University significantly boosting the value in those areas by about 20 per cent.
The value of land in new developments such as St Petersberg, Horsham Downs and Woodridge in Rototuna jumped up to 25 per cent, while land in the CBD and near Hamilton Lake recorded the biggest drops of 2.8 per cent and 3.6 per cent respectively.
However councillors were told yesterday any increases were modest compared to the property boom when land in Hamilton rose an average of 103 per cent between 2003 and 2006.
Mr Gibson said residents whose land values had gone up by more than the city's overall 2 per cent average were likely to see their annual rates charge increase from July 1 2013, while those whose land had dropped in value could see their bill decrease. "But in saying that if the council is going to have a 3 or 4 per cent increase it may not make any difference," Mr Gibson said. The long term plan projects a rates increase of 3.8 per cent for 2013/14.
The average industrial land value fell 6.6 per cent to $467,493 and the average commercial value fell 6.4 per cent to $429,703. Dairy and lifestyle property values were unchanged, slipping just .1 per cent.
Notices informing ratepayers of changes to their property values will be sent out from Monday and they have until December 14, 2012 to object.
The revaluations are carried out by independent valuation company Quotable Value and are audited by the Office of the Valuer-General.