Property value increase, good and bad for Waikato home owners
Winners and losers are expected when the Waikato district sets its new rateable values.
House values have risen by an average of 33.7 per cent in the past three years, according to Waikato District Council.
But general manager strategy and support Tony Whittaker said a change in the rateable value does not mean rates for your property will change by a similar percentage.
He said council does not collect more rating income as a result of increased property values or less rating income if value decreases.
"You might expect an increase in your general rates if your property value has increased by more than the 33.7 per cent average increase in property capital value across the district.
"But if your property value increase is less than the average, then your general rates might go down."
Council said property owners will receive a three-yearly Quotable Value (QV) revaluation in the next week or two. The new rating values will be used to calculate council rates from July 1, 2018.
Whittaker said the rating valuation is only one factor that determines the total rates people pay. He said rates are also based on the type of property people own, the services they use and any rebates that might apply.
"Changes in individual property valuations will vary considerably depending on the type of property, its size, location, and any distinctive characteristics," he said.
Council is required to revalue all properties in the district every three years.
The rating value reflects what a seller might expect to receive if they sold the property at the time of the revaluation (July 1, 2017).
"If you have concerns about your new rating value when you receive, it we encourage you to contact Quotable Value Limited," he said.