A revaluation of property in the Taupo District has revealed a 12 per cent increase in overall capital value since 2013 to a total of $15.07 billion.
Legislation requires local authorities to review rateable values every three years and property owners will receive notices outlining the updated rating valuations from today.
The new valuations have seen an average increase of 12 per cent for residential properties across the district, while rural properties have risen by an average 22 per cent. Industrial property rose 5.2 per cent with commercial and accommodation properties up 7.8 per cent. Lifestyle properties increased an average of 10.5 per cent.
Finance and strategy group manager Alan Menhennet said the 2016 Taupō District rating valuations were completed by Landmass Technology using a mass appraisal process and were a snapshot in time reflecting the market value as at July 1 this year. They did not take into account the positive market movement since that time, he said.
The process for determining rating values is independently audited by the Office of the Valuer General and stringent quality standards have to be met before a revaluation is confirmed.
