District Revaluation 2010
The latest valuation of the Hurunui District has seen a more than half million dollar decline in property and land values over the last three years.
The capital value of the district now sits at just under five billion ($4,713,354,000) down from $5,043,768,000 and land value is $3,040,106,000 where three years ago it was $3,298,782,000.
Overall, that is a 6.5% decrease in the capital value of the district, or in dollar terms around $330 million and an 8% decrease in land value or just over a quarter of a billion dollars.
Districts are revalued every three years. The last revaluation was in September 2007 when the property market was buoyant. Since then, the market has softened and that has been reflected in the 2010 figures.
Capital and land value of rural properties have reduced on average by 7.3% and 7.7% respectively with land value for vineyards down on average 16%, though land used for dairying has bucked the trend with an average INCREASE in value of 26%.
Individual house valuations will vary depending on where a property is located.
Ratepayers are able to object to their new valuations by 23 December 2010 if they believe they do not reflect the true market value of their property. Details on how to do this can be found on your valuation notice.
The latest revaluation will be used to determine the rates level set for the 2011/2012 year.