District-wide property revaluation underway in Marlborough
A new round of property valuations has kicked off in Marlborough after years of rising house prices to determine who pays what when it comes to rates.
Teams of valuers will be visiting properties around the region for the rest of the month as part of the three-yearly process to set valuations.
This year the council has contracted Quotable Value (QV) to provide updated values for approximately 27,000 properties, including 19,000 residential properties.
Not all properties are inspected, but valuers may inspect properties that have been recently sold, or where building consents show work has been recently completed.
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Market value is established by considering relevant property sales from each area around the time of valuation - a market trend is then established to value properties.
Figures from QV showed the average house price in Marlborough had increased by 27 per cent in the three years to July 2017, from $345,061 to $438,292.
Bayleys Marlborough general manager David Lee said last week he would need a crystal ball to predict when the trend of rising house prices would top out.
"There's definitely still more buyers than sellers out there - it's definitely still a seller's market," he said.
Property owners in the region would receive their new property values in the mail from September 27. If they disagreed, an objection had to be lodged with QV by the beginning of November.
Council chief financial officer Martin Fletcher said the effective date of the revaluation was July 1, 2017.
However, new property information was not used to set rates until the following rating year, which started on July 1, 2018, he said.
The only exception was where a subdivision took place, in which case the new 2017 valuation would be used to determine rates for the property.
Fletcher said to ensure the integrity of the information, valuation methods and processes were subject to the Ratings Valuations Act and were audited by the Officer of the Valuer-General.
- The Marlborough Express