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Property valuation changes since 2014

The 2017 rating revaluation figures compiled by QV show the total rateable value of the 25,599 properties within Kapiti Coast District is now $15.08 billion with the land value of those properties now valued at $7.32 billion. 

The average house value in the district is now $541,500, an increase of 37% on capital values three years ago.

Kāpiti Coast residential property values

Residential value changes

 

Total CV Change

%

Total LV Change

%

2017
  Average CV
  ($)

2017
  Average LV
  ($)

Ōtaki

42.0

44.5

$361,000

$140,500

Ōtaki Beach

39.1

46.1

$372,000

$144,500

Waikanae Beach

43.6

55.5

$625,500

$340,500

Waikanae Garden

30.7

35.4

$568,500

$278,000

Waikanae   East/Hemi Matenga

38.5

40.6

$555,000

$245,500

Otaihanga

35.1

34.1

$573,000

$240,500

Paraparaumu   Central

46.5

49.4

$490,000

$218,500

Paraparaumu Beach

35.6

42.8

$584,500

$280,500

Raumati Beach

36.2

40.3

$621,500

$312,000

Raumati South

33.6

41.8

$575,500

$292,500

Paekākāriki 

27.3

29.8

$587,000

$337,000

 

What difference will my updated property valuation make to my rates?

An increase in property values in the district doesn’t increase Council’s rating income – so an increase in the valuation of a property doesn’t mean an equivalent rates increase for that property.  If the percentage change in valuation is different for different properties, though, it can change the way that the rates collected by the Council is distributed among individual ratepayers.

Typically, where a property’s revaluation exceeds the average revaluation increase in an area, the property will have a slightly higher rates increase than the average. Conversely, a property that has a revaluation below the average revaluation increase for that area will have a slightly lower rates increase than the average.

Before rates will start to be based on the new valuations on 1 July 2018 the Council will be looking at the impact of the revaluations on rates and affordability as part of our rating review.  Following this, any proposed changes to how we spread rates costs across the district will be shared with the community for their feedback early in 2018.  This would take place as part of our community consultation on our draft long term plan.