Hamilton property valuations out tomorrow after soaring 30 per cent

Hamilton homes have risen an average 30 per cent in the council's latest revaluations. Photo / File

Hamilton property valuations have shot up 30 per cent, taking the average house value in the city up to over half a million dollars in the latest council revaluations.

Property owners will be able to see how their property has fared in the last three years when the new valuations are available online from tomorrow.

The average residential property in the city is valued at $582,800 - up 30 per cent from $441,525 when they were last carried out on September 1, 2015. Between 2012 and 2015 property values increased by 21 per cent.

The revaluations, carried out by independent valuer Quotable Value, are a snapshot of the property market as of September 1, 2018.

New housing areas Baverstock, Peacocke and Greenhill have seen the biggest rise, with their capital values almost doubling in the past three years.

Flagstaff and Rototuna have also risen 38.6 per cent to about $803,000. This is another big rise for the northern suburbs which recorded the biggest increase of 32 per cent in the last round.

Frankton values have also risen 36.1 per cent to $424,387.

St Andrews saw the smallest amount of growth, with the average property price rising 21.5 per cent on the three years ago.

Commercial and industrial capital values in Hamilton have also increased by an average of 24.8 per cent and land values are up and average 44 per cent.

Hamilton City Council rates and revenue Manager Matthew Bell said the revaluations redistributed rather than changing the overall amount of rates council collected.

"Just because a property has increased in value doesn't mean the rates will go up by the same amount. In general terms, if your property valuation increases or decreases by more or less than the average, then there is more likely to be an impact on rates for individual ratepayers."

The final amount ratepayers would have to cough up for rates next year would also depend on the council's transition from land to capital value rating, and estimates were expected to be available early next year.

Council has already signalled a rates increase of 3.8 per cent annual rates increase from July. It follows an average 9.7 per cent rates increase this year. There is also a three-year transition to a full capital value rating and Uniform Annual General Charge (UAGC) of $500.

Individual notices will be sent out to ratepayers in the post or via email, depending on their preference. Property owners have until January 16, 2019 to appeal.

The rateable value is the value of the property set by council that determines the proportion of rates each property owner has to pay. The rateable value is based on the capital value.