Rating valuations
Property revaluations 2010
Local authorities use information contained in the district valuation roll to set rates. The Rating Valuations Act 1998 obliges councils to maintain the valuation rolls and legislation requires every district in New Zealand to revalue all properties at least every three years. Taupō District Council has contracted LandMass Technology to carry out this valuation. The latest valuations will be used to calculate the rates next year (from 1 July 2011).
The 1 July 2010 revaluation is based on sale prices of property in the relevant areas. The last revaluation took place in July 2007 when the property market was booming. Since then the property market has softened considerably and the updated valuations reflect this.
Taupō and Turangi residential properties have seen a 10% drop as have lifestyle properties. Commercial and industrial properties have only moved slightly and there has been a slight increase in dairy property values. In some areas the variance is more pronounced. An example is in Kinloch where there is an oversupply of vacant sections this has led to a drop in land value of around 30%, however some more established properties closer to the lake have held up better.
An owner or ratepayer can ask for a review by following the instructions on the back of the revaluation notice or completing the Objection to Rating Valuation form.
To check the current and historical valuation and rates on a property please see the Rating Information Database.