Residential property values in Rangitikei have fallen in the latest round of council valuation but ratepayers shouldn't expect to pay less.
Councils must revalue properties every three years and the latest show that, while the overall value of the district has grown by 3.1 per cent, the value of residential properties has fallen by an average of 6.4 per cent.
Taihape residential properties were the hardest hit, decreasing by 9.5 per cent. The overall increase is partly due to a 5.8 per cent increase in the value of farming properties. Overall, Rangitikei has 9078 properties valued at $3.8 billion.
Quotable Value said higher valued properties had held value better than lower valued ones. Low demand has affected the value of residential properties while quality and location were factors affecting the value of commercial buildings.
Rangitikei District Council finance manager George McIrvine said a decrease in property value would not mean a decrease in rates. The valuation was a means of distributing rates across the district. "The total amount of rates required does not change as a result of the district revaluation."
The impact on the rates of individual properties will not be known until the council's long-term planning begins next year.
Ratepayers will start receiving new rating values from this week and have until November 14 to appeal the new values.