New rating valuations released by City Council

11 November 2004

The Christchurch City Council has released the new rating valuations for all rating units (or properties) in the city and all ratepayers will receive their valuation notices next week.

Total increase in the Capital Value of the city is $47,304 million, up from $31,475 million, an increase of 50.3%. Effective from 1 August, 2004, the new values will be used for rating from 1 July 2005.

The new values were prepared by the State Valuation Office, the Council’s valuation service provider, and their release was approved by the Valuer General of New Zealand.  New individual rating unit values can be searched on the Council web site www.ccc.govt.nz  from Monday, 15 November.

 The likely impact on rates of the new values is not yet known but Capital Values alone do not change rates set by the Council says Council Funds and Financial Policy Manager Geoff Barnes.  Rates do not increase by the Capital Value change. The value change only effects the rate distribution.  It is unlikely that there will be many surprises in the valuation changes - much of the information having already been discussed in the media, Mr Barnes says.

The Capital Values are based on property sales from around 1 August and, as such, are market driven. Over the next few months the Council will develop the rate distribution and rate policies as part of its Annual Plan 2005/06 process in which ratepayers will have an opportunity to make submissions.

All ratepayers have a right to object to the new values but the Council is advising people to first talk to the Council’s valuers, State Valuation Office,  phone 377 – 6431, to ensure the nature and content of the objection is complete.

 The following table summarises the overview statistics for the 143,419 Rating Units (separate properties):

• total Capital Value as of 1 August 2004 was $47,304,881,470, compared with $31,475,219,508, as of 1 September 2001 - a change of 50.3 %
• total Land Value as of 1 August 2004 was $21,231,609,030, compared  with $13,645,637,005, as of 1 September 2001 - a change of 55.6%.

Some significant trends shown in the revaluation are:

• The residential properties in the city  (127,661 rating units) have increased by 53.7% over the 2001 values,
• Single unit dwelling houses (96,937 rating units) have increased by 53% over the 2001 values; 
• Residential flats (22,984 rating units) have increased by 54% over the 2001 values;
• The average residential value (dwelling houses and ownership flats) increased to $259,948 compared to the previous average of $169,447;
• Properties with older houses have typically increased more than new houses;
• Vacant residential section values have increased by 53%;
• Industrial and commercial properties have increased by factors of 40% to 50%, depending on use; 
• Vacant industrial section values have increased by 87%;
• The central business district commercial values have increased by 45%;
• Residential block land has increased by a factor of 82%;
• Rural property has shown significant increases in median value, increasing between 40% to 103%, depending on use.

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