New land valuations criticised

ROSA STUDHOLME
Last updated 05:00 02/11/2012

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Moeraki property owner John Stark says Quotable Value's latest land valuations of the town, that have dropped on average 45 per cent, are just one opinion.

"It just goes to show how wrong they can get it," he said.

A large chunk of land has been classed as "high risk" by a geotechnical firm investigating an extensive landslip in the township.

Other small sections have been classed as very high risk.

The 9000-year-old landslip worsened in the May floods in 2010 and caused 28 claims to be lodged with the Earthquake Commission.

Because of the instability, QV has cut its valuation of land in the township by between 45 per cent and 50 per cent.

Mr Stark, who owns a holiday home in the township, said it was "only someone's opinion".

"QV's only one aspect of it all."

He had not yet looked at his property's new valuation but was not concerned.

The reduced land values would have little impact except for lowering rates, he said. "Which isn't a bad thing. Rates in Moeraki have always been a bit higher than they have in other townships."

He did not plan on objecting to the new valuation.

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- The Timaru Herald

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