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ALDEN WILLIAMS / FAIRFAX NZ
Invercargill, revalued.
The latest property valuations for Invercargill and Bluff have shown a narrowing of the gaps between the highest and lowest value areas, amid “strong” overall growth over the past three years.
The strongest increases in median home values have been in Appleby / Georgetown, South Invercargill and the central city itself.
The most modest increases are in traditionally higher value areas such as Windsor / Richmond, Rosedale / Waverly, Gladstone / Avenal, and Otatara.
Invercargill Residential Home Valuations 2020, Compared to 2017
Figures released by the Invercargill City Council, based on a new round of triennial Listed Value (QV) assessments show that an average Invercargill residential home is now valued at $ 384,000, compared to $ 260,000 in 2017.
Overall residential values are now, on average, 48 percent higher than three years ago.
Land values have risen much more sharply, averaging 60 percent higher. The most striking increases, driven by strong demand, reached 180% in both South Invercargill and Appleby / Kew.
Fortunately, these figures do not simply translate into rate increases.
That is because they do not change the total amount the city receives in fees. That is a figure decided, independently, by the council itself.
But the new valuations can change, up or down, the size of each taxpayer’s proportional contribution to that overall figure.
If the valuation of your place has risen more than most of the others, chances are your rates will go up as a result.
If most of the others have gone up more than yours, the amount that is qualified is likely to decrease. But even then, don’t get your hopes up, because the tips fairly reliably increase the overall fees every year. So you may be paying a smaller proportion of a larger total amount, and that could still result in a rate increase.
For its part, the City Council has welcomed the “strong” increases in valuation.
Finance and insurance group manager Michael Day said this was good news for the city, although he acknowledged that “it would have an impact on rate distribution.”
Homeowners will receive their new appraisals in the mail after November 25, but they will be available on the council’s website by November 20.
For those without Internet access, information is available at the Civic Administration Building or at the Bluff Service Center.
Individuals who disagree with your new rating value or have made improvements to their property that did not require construction consent, but believe that the added value is not reflected in their new ratings, have until January 22 to object .
The new municipal rates, taking into account their new rating values, will be applied from July 1 of next year.
