MEDIA RELEASE Ruapehu District Council Contact: Paul Wheatcroft, Communications Manager, 07 895 8188 Date: Wednesday 8 October 2014 NEW QV RATING VALUES NOW AVAILABLE New Rating Values for Ruapehu properties prepared on behalf of Ruapehu District Council (RDC) by Quotable Value (QV) will be posted to property owners from the 8th October 2014. The property values which are updated every three years form the basis for how individual rates are set and have an effective valuation date of 1st July 2014. RDC Acting Chief Executive, Margaret Hawthorne, said that these 2014 Rating Values will not be used for rating purposes until next rating year from 1 July 2015. “Anyone who feels that their new Rating Value is not accurate, can object online at www.ratingvalues.co.nz or call 0800 787 284 to request an objection form before the 14 November 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 that QV has advised that the total capital value of the 9,901 properties within the district has increased 3% to $4.22 billion. The corresponding land value has increased 3.8% to $2.22 billion. “Rating values are assessed on a “mass-appraisal basis”, using relevant property sales from each sector and location and applying the market trends to similar properties.” “The mass-appraisal process is supported with a proportion of properties being inspected throughout the year as a result of building consents issues, subdivisions, sales inspections, objections and ratepayer requests to update Rating Values.” Mrs Hawthorne noted that the major driver of the District’s increased worth, is the rural sector which contributes almost half of the Districts’ value, and has increased nearly 10% with hill country sales being noticeably stronger compared with the levels set three years ago. “In comparison the Residential sector unfortunately has not fared well, with the majority of Capital Values falling in most of the townships,” she said. Page 1 of 3 “The demand for sections is also poor, and this has also translated to significant land value reductions of up to 30% in some areas.” “Individual property values have been adjusted to recognize 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.” Mrs Hawthorne added that copies of the valuation roll are available for inspection at all Ruapehu District Council offices. “More information about “Understanding your Rating Value” can also be found at www.qv.co.nz.” PETER TILL CHIEF EXECUTIVE PT : PRW Two tables showing the incidence of changes 1. Overall sector changes 2014 revaluation Number of Properties Business Capital Value Change Land Value Change -6.3% -4.0% +8.2% +8.9% -6.2% -7.8% -5.4% -15.0% +5.6% +3.7% +3.0% +3.8% 593 Farming 1710 Lifestyle 1279 Residential 5,600 Other 719 Total 9,901 Page 2 of 3 2. Residential movements Total CV Change Total LV Change 2014 Average CV ($) 2014 Average LV ($) Taumarunui -5.6% -11.6% $104,501 $24,322 National Park -8.1% -24.1% $212,000 $73,568 Ohakune -1.8% -14.4% $216,055 $75,335 Raetihi -12.6% -15.1% $109,622 $29,376 Ohura -0.1% 0.0% $ 68,453 $ 2,418 Owhango -7.8% -20.3% $168,027 $53,514 Rangataua -12.6% -24.8% $162,042 $57,650 Page 3 of 3