Valuations show increase in WBOP land values

Western Bay ratepayers will receive information next week on the latest revaluation of their property.

Western Bay of Plenty District Council is sending letters to all property owners advising of the outcomes of the latest revaluation.

Revaluations are required to be conducted at least every three years by every council in New Zealand under the Rating Valuations Act 1998.

The council's group manager of corporate services, Matt Potton, said the main changes since the 2011 valuation reflected an overall increase in the value of lifestyle properties, kiwifruit orchards and dairy/pastoral land and a slight decrease in residential values across the district. However the range in values varied across separate communities.

"Residential values have only dropped about two percent, bucking the trend of other provinces in New Zealand and probably reflecting the attraction of the Western Bay as a place to live and work," said Mr Potton.

"The lifestyle market in the Western Bay has also trended differently than elsewhere in New Zealand. Nationally this market has been reasonably quiet for the past four years, however in the Western Bay, lifestyle values have shown a slight rise overall"

Mr Potton said the big recovery of values for kiwifruit orchards came off a low in 2010 to 2011 when the arrival of the kiwifruit vine killing bacteria Psa created uncertainty and orchards suffered physical and economic loss.

"Investment has returned to the industry and this has led to a corresponding increase in property values."

With regard to pastoral and dairy land values Mr Potton said there was a push upward due to the dairy industry operating in reasonably favourable conditions.

"With the diminishing supply of land suitable for dairy conversion, there is significant upward pressure on pastoral land values."

The valuation was carried out by the independent valuation firm Landmass Technology and audited by the Valuer-General and will come into effect on July 1, 2015.

Mr Potton said while valuations had an influence on rates, due to the portion of total annual rates being based on the land and capital value of each property, the total amount of rates collected by the council was not influenced by the valuations.

Property owners can lodge objections if they disagree with their new valuation and objections must be lodged in writing with Council by January 30, 2015.