Just released Waipā property values show the district’s worth is $35 billion – up 45.5 per cent on the last valuation three years ago.
The rise was expected given the “incredible growth” seen in the district over that period, said deputy chief executive Ken Morris.
But it continues a steady 10 year growth. Waipā’s value in 2013 was $12.795 billion, $16.61 billion three years later and $22.293 billion in 2019.
Ken Morris
Revaluations were done by independent valuer Quotable NZ using property sale information, building improvements, change of land use etc.
Ratepayers will soon get a letter outlining what has happened to the value of their property. Those in Karāpiro (57 per cent), Kihikihi (51.2 per cent), Te Awamutu (44.9 per cent), Ōhaupō (43.3 per cent), Pirongia (43.1 per cent), Cambridge (41.6 per cent) and Leamington (38.5 per cent) are among the big movers.
Industrial property has gone up 59.1 per cent, lifestyle blocks 53.2 per cent and commercial property 40.5 per cent.
At the other end of the scale, dairy and pastoral land has gone up only 26.2 per cent.
Morris told The News the valuations are a point in time – in this instance August 1 last year – and used for rating purposes.
The market had changed since then and would continue to change, he said.
Forces in place since the revaluation include rising inflation and interest rates combined with a cooling real estate market.
Morris said rates were not set using the same percentage increases.
“If your property value has gone up by 40 per cent, it certainly doesn’t mean your rates will also go up by 40 per cent.”
Council had already set the rate increase across the district for the year starting July 1 to six per cent.
It needs to raise nearly $30 million in general rates and $19 million from uniform annual charges. Targeted rates vary across the district and pay for such things as libraries, pools, refuse collection, halls, capital works, sewerage and stormwater. Water rates are on top of that.
Based on that six per cent average, a residential property in Cambridge now valued at $960,000 would result in a rate increase of $4.09 a week.
A residential property in Te Awamutu valued at $720,000 would have a rates increase of $2.48 a week.
The council has an online rating calculator. Those struggling to understand their rates or need guidance, should contact the council.
