Revaluation of property in Taupō District revealed
A revaluation of property in the Taupō District has revealed a 20.8 per cent increase in total capital value since 2016 to a total of $18.928 billion.
Legislation requires local authorities to review rateable values every three years and property owners will receive notices outlining the updated rating valuations from 12 December.
The new valuations have seen an average increase of 38 per cent for residential properties across the district, while pastoral farm properties have risen by an average 11 per cent. Industrial property rose 18 per cent with commercial and accommodation properties up 23 per cent. Lifestyle properties increased an average of 42 per cent. The only decrease was for dairy farms which were down 6 percent.
The largest residential increase in average capital value was in Mangakino (up 93 per cent), followed by Turangi (up 59 percent), Kinloch (up 37 per cent), the Eastern Lakeshore (up 42 per cent) and Nukuhau (up 36 per cent). Residential property average increases in Taupō town centre rose 33 percent, followed by Western Lakeshore (up 29 per cent), Acacia Bay (up 28 per cent) and Taupō town south (up 28 per cent).
The 2019 Taupō District rating valuations were completed by Opteon using a mass appraisal process and are a snapshot in time reflecting the market value as at July 1 this year. They did not take into account the positive market movement since that time.
The process for determining rating values is independently audited by the Office of the Valuer General and stringent quality standards have to be met before a revaluation is confirmed.
Property owners who disagree with the new valuation can lodge an objection up until January 23, 2020.
>> To find out more information about rating values in the Taupō District and how to lodge an objection visit taupo.govt.nz/valuations.