South Waikato District value increases by 25%

Released: Thursday 23 September 2021

South Waikato District value increases by 25%

The 2021 district revaluation was completed recently. Values were assessed as at 1 July 2021 by independent valuers and then audited and approved by the Office of the Valuer General.

Overall, the South Waikato has increased in value from $6.9 billion to $8.6 billion, an increase of $1.7 billion. Increased property values are exciting news for property owners. Our economic profile is on the lift and increasing district values are a key indicator of growth and development.

While there are twelve property types applicable in our district, two make up the majority of the property types. Residential(70% of total )and lifestyle(11% of total) property values increased the most, by an average of 77% and 35% respectively. Forestry, industrial, commercialand pastoral(farming other than dairy) increased by 54%, 20%, 22% and 10% respectively. Dairy (which makes up 5.4% of total property) decreased by 8.8%. Other property types are less significant due to our district profile.

Council anticipated increasing property values - especially for residential properties - in its recent Long Term Plan (LTP); and decided for the 2022-23 financial year (ie, next years’ rates) to reduce the Uniform Annual General Charge (UAGC) to help smooth the rate impact of valuation changes.

"These new valuations will be used to set rates from July 2022," said Martin Warren, Council's Revenue Manager. "Because of the wide variance in property value changes, the revaluation will have different impacts on rates for each property from July 2022."

To check your valuation and its impact on the rates for your property for the 2022-23 year, please visit Council's website.