Tauranga citywide property revaluations are currently being audited and new valuation notices are now expected to be delivered in January 2022.
"Property revaluations take place every three years to reflect changing market values and are independently audited by the Office of the Valuer-General," says a Tauranga City Council spokesperson.
The last revaluation took place in 2018.
"The revaluation process was rescheduled due to the Covid-19 lockdown. The Officer of the Auditor-General is stepping through the audit process with council's valuers before releasing the audited valuations.
"Updated valuation notices are expected to be sent out to property owners from mid-January 2022. The new valuations will be used to calculate rates for the next three years, beginning on July 1, 2022."
What is the impact of the delay?
Given updated valuations do not affect rates until July 1, 2022, council says there are no flow on impacts in this regard.
"The council will still be able to determine its rates distribution for the Annual Plan 2022/23."
Reminder:
- Changes in rating valuations don't necessarily impact rates costs, unless the change is significantly higher or lower than the citywide average.
- Rating valuations do not reflect a property's current market value, and are only used to work out rates. They should not be used for insurance or mortgage purposes.
- A map of estimated increases by suburb including information on trends is available at www.tauranga.govt.nz/revaluation
2 comments
So
Posted on 18-12-2021 13:59 | By Kancho
What affect does this upward valuation have on rates? On the Tauranga city website The first line under the heading General rates it says General rate This variable rate is charged on the capital value of a property. General rates are paid by all ratepayers and they pay for the services provided by the Council that are not funded through a targeted rate. Guess we will find out
Hmmm
Posted on 18-12-2021 20:50 | By Let's get real
I understand that house prices have risen 41% since March last year... More income for our councils to waste on frivolity on the way. Try stopping stupidity like museums when councils have enormous financial windfalls from huge rateable value increases and have a thought for those that will struggle to put food on the table whilst the wealthy look forward to subsidised entertainment and lumps of stone and cotton are on display in air-conditioned comfort. Disgraceful...
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