Home owners need to check out the new Rating Valuations for Palmerston North City – says leading Palmerston North Property Consultant, Latham Lockwood.
The new rating valuations for Palmerston North City have now been finalized and owners will be informed of their up to date rating values in the first week of November.
Commenting on the new rating valuations is expert Palmerston North Property Consultant, Latham Lockwood. “Since the last time we had a revaluation, which was back in 2012, residential property values for most of Palmerston North City have shown a modest growth,” says Latham.
The average capital value of residential property has risen by 3.7% to $300,000 and the land value component alone, which the current rates are based, has also risen by 8.5% to $148,000. The new values echo the probable price a property would sell for on the effective valuation date of 1 September 2015.
Kelvin Grove, Milson, Cloverlea, Hospital and Ashhurst residential properties have performed best. “From the new rating valuations we see that capital values in Kelvin Grove have increased by an average of nearly 9%. In comparison we see the high end and the bottom of the residential market have held strong,” Latham Lockwood said.
“The report also showed a substantial increases in land value reflecting the strong demand within the newer subdivisions on the fringe of the City including Kelvin Grove, Milson, Summerhill, and Ashhurst. We also saw this as well as inner City locations such as the Hospital area and affordable land plots in other sought after areas,” comments Latham Lockwood.
These new rating values have been arranged by Quotable Value Ltd (QV) on behalf of the Palmerston North City Council. QV uses a mass-appraisal process to determine the new rating values. “This involves taking relevant property sales in an area, around the effective date, and establishing a market trend which is then applied to similar properties in that area,” adds Latham.
The rating values are then independently audited by the Office of the Valuer General, with high quality standards being met before a rating valuation is approved. “The Palmerston North City Council will use the new values as the base for setting rates for the 2016/17 financial year,” adds Latham.
Copies of the valuation roll are available for inspection at the Palmerston North City Council offices. The new valuations can be viewed on the Council’s website www.pncc.govt.nz
CONTACT LATHAM LOCKWOOD
Phone: 027 4746202
Email: latham.lockwood@bayleys.co.nz
Website: http://www.bayleys.co.nz/Franchises/Coast-to-Coast-Ltd/Palmerston-North/Agents/Latham-Lockwood
Facebook: https://www.facebook.com/realestatepalmerstonnorth
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