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New Quotable Value (QV) figures show big increases in residential, industrial and rural values in the Hauraki District since 2018.

Residential and land values soar

Overall residential values have increased by 59 percent across the District, along with an 86 percent increase in land value.

New rating valuations in the post from 8 June 2022

New rating valuations have been prepared for 11,403 properties on behalf of the Hauraki District Council by Quotable Value (QV) and will be in the post from 8 June. If owners do not agree with their new rating value, they have the right to object before 14 July 2022. Instructions are on the rating notice or go to https://hauraki.objection.cubetec.com for a quick and easy way to lodge an objection.

Residential properties and land in hot demand

QV’s North Island Operations Manager Paul McCorry commented: “We have seen quite a significant uplift in values across the district – some of the biggest value growth in many years, in fact – so it’s important to remember that a large increase in your rating valuation won’t correlate to an equally large increase in your rates. Rating values are just one of a number of factors councils use to allocate rates, and the total amount of rates required for the district does not change because of the revaluation of the district.”

He said the most significant value growth had been in residential properties and residential development land, which had been in hot demand since the last district revaluation that occurred in 2018. The average value of a residential dwelling in the district is now just over $650,000 up 59% in three years, the corresponding average land value is now $350,000 up 86% since 2018.

“This has been a trend across New Zealand, primarily driven by historically low interest rates during the three-year period and huge demand for affordable property. It is also really important to remember that the effective date of these valuations is 1 September 2021 – this means that the values will not capture the recent slowdown in market activity and decline in values.”

Commercial and Industrial properties see significant value growth too

Elsewhere, most commercial and industrial properties have also seen a significant shift in value growth, despite the challenges faced in a COVID environment. The average capital value for developed commercial property increased by 35% since the previous rating revaluation in 2018, and the average capital value for developed industrial property increased by 57% over the past three years.

Dairy blocks make a comeback from decreased value in 2018

Meanwhile, the value of pastoral units increased by an average of 19% since the district’s previous 2018 revaluation, with dairy blocks experiencing a slight increase of 2.3%.

Revaluation overview

This table shows the percentage changes to Capital Value (CV) and Land Value (LV)

Learn more about rating valuations

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period.

The updated rating valuations have been independently audited by the Office of the Valuer General before being certified.

Council rates will be updated based on the new 2021 rating valuations from 1 July 2022.

How your rates are made up

Your rates bill is made up of a number of different rate types. Some of these are based on the capital value of your property.

General Rates
  • apply to all properties 
  • based in part on capital value of property - properties benefit from or affect the need for services differently based on their value
  • funds council services that the whole district benefits from
Uniform Annual General Charge (UAGC)
  • apply to all properties
  • all properties pay the same amount regardless of their value
  • funds council services that the whole district benefits from
Targeted Rates
  • only charged to those that directly use specific services
  • examples include recycling, water supply and ward rates to support the facilities in the ward your property is in
  • some targeted rates are based on the capital or land value of property
Rating Values vs. Market Values

Rating valuations are usually carried out on all New Zealand properties every three years to help local councils set rates for the following three-year period. They reflect the likely selling price of a property at the effective revaluation date, which for Hauraki District was 1 September 2021, and do not include chattels. Any changes in the market since then won’t be included in the new rating valuations, which means a sale price achieved in the market today may be different to the new rating valuation set as at 1 September 2021. They are not intended to be used as market valuations for raising finance with banks or as insurance valuations.

Rating Values vs Market Values

Feeling the pinch? Talk to us about your rates payments

While these big increases in value will be welcomed by many, we understand that it puts pressure on local home buyers and that meeting rates payments can be difficult for some. If you’re in that position, please call our friendly customer services team who are always happy to discuss rates payment arrangements and options with you, including how to apply for a rates rebate.