Rural land has been the big driver in increased property values in the Ruapehu district. However, while farm land is on the increase, the value of most residential properties has fallen in the latest Quotable Value (QV) assessment.
The rural sector, which contributes almost half of the district's value, hasincreased nearly 10 per cent with hill country sales being noticeably stronger compared with the levels set three years ago, said acting chief executive Margaret Hawthorne.
"In comparison, the residential sector unfortunately has not fared well, with the majority of capital values falling in most of the townships."
The new rating values for Ruapehu properties issued by QV are being posted now to property owners.
The property values which are updated every three years form the basis for how individual rates are set, though they won't be used for rating purposes until July 1, 2015. The new values give Ruapehu properties a total capital value of $4.22 billion - up 3 per cent - and land values $2.22 billion - up 3.8 per cent.
Mrs Hawthorne says anyone who feels that their new rating value is not accurate, can object online at ratingvalues.co.nz or call 0800 787 284 to request an objection from before the November 14, 2014," she said. "It is important that people understand that any changes to a rating value will not necessarily mean that their rates will change proportionately. Rating values are just one component used to determine the share of rates that individual ratepayers need to pay, and the revaluation of the district does not change the amount of rates required to operate the district."
Mrs Hawthorne said the demand for sections was also poor and this had also translated to significant land value reductions of up to 30 per cent in some areas. "Individual property values have been adjusted to recognise any improved or deteriorating condition, and general sale ability.
"The lifestyle market has generally held around Taumarunui, however a market adjustment has been necessary at the southern end of the district as properties have been unable to realise their 2011 rating values. Commercial and industrial property values have also trended down with the quality and location of buildings being the major drivers affecting saleability in this sector."
