MOST Rangitikei district property owners are apparently satisfied with the latest valuations of their properties. The district-wide revaluation, carried out late last year by Quotable Value, resulted in substantial increases in the value of most properties, rural and urban, prompting concerns about potential rate increases. However, QV Palmerston North officeteam leader Simon Willox said yesterday only 160 property owners had lodged objections to their valuations. Mr Willox said about half were objecting on the grounds they thought the valuation was too high and half because it was too low. The objections had come from across the district and across the property spectrum rather than highlighting any specific sector where valuations might have been significantly out of line. Mr Willox said 160 objections out of a total of almost 9000 valuations was "within the normal range." The historical average for objections is from one to two percent. The objections had not been looked at in any detail at this stage so Mr Willcox was unable be specific about the grounds for objections. However, there were indications at least some property owners believed their properties were undervalued probably because improvements had been made but not recognised in dollar terms. QV has until the end of May to carry out full, on-site inspections of those properties for which objections have been lodged. Objectors would be notified as to when the inspections would be done. Meanwhile Mr Willox said the level of objections was "pretty good" relative to the number of valuations so he was satisfied the process had been carried out as accurately as possible. "The values are a reflection of where the district had been so it is good to see values bouncing back," he said.
