Chch properties to be revalued
More than 160,000 properties are about to have their first revaluation since the Canterbury earthquakes.
The Christchurch City Council said today that a city-wide revaluation would be carried out over the next few months, after the last revaluation, scheduled for 2010, was delayed by the region's tremors.
After the quakes, the Government gave the council permission to continue basing rates on 2007 property valuations.
This year's revaluation will treat Christchurch properties as though any quake damage has been repaired and assume insurance and Earthquake Commission payouts will return affected properties to their pre-quake state.
The council has contracted independent valuer Quotable Value to reassess property values, with ratepayers due to receive their new valuations next March.
Property owners would then have six weeks to lodge any objections, and the new valuations would not have any effect on rates until July 1 next year.
Council corporate services acting general manager Diane Brandish said extended use of the 2007 valuations was an emergency measure after the quakes, and the council had a statutory obligation to return to updating its property valuation database every three years.
"With considerable changes in property values across the city since 2007, valuations need to more accurately reflect current circumstances," she said.
"It would be unfair to continue apportioning rates using data that is now six years old."
Brandish said changes in valuations would not affect the total amount of rates collected, which was set in the council's annual plan, but would change how the rates burden was distributed between property owners.
"Your rates bill is based on the value of your property in relation to the value of all properties city-wide,'' she said.
''If your property value goes up by less than average, then your rates bill will go up by less than average, and may even fall.
''If your property value has risen by more than average, then your rates bill will go up by more than average."