Property Valuations
This page explains when and how property valuations are set, gives an explanation of common rating terms and explains the 2010 Property Valuations.
All properties are valued for rating purposes
The Rating Valuations Act 1998 and the Local Government (Rating) Act 2002, require all properties to be valued for rating purposes.
Porirua City Council contracts Quotable Value New Zealand Limited to undertake all rating valuations in the City.
The rating valuations are updated once every three years, the latest revaluation was carried out as at 1 September 2010. The results of this revaluation and any valuation amendments from 1 September 2010 to 1 July 2011 are the current values used to set the 2011/2012 years rates. These rating valuations are not changed until the next general revaluation (1 September 2013) unless improvements, generally as a result of a building consent have been added, subdivision or resurvey has occurred, or errors or omissions have been discovered. Value amendments made during the period 1 July 2011 to 30 June 2012 will be shown as future values, (refer to the property valuation link at the bottom of this page).
If you have any queries about your rating valuation please contact Quotable Value on 0800 787 284.
Valuation Terminology
Capital Value - This is the assessment of the probable price that would have been paid for the property if it had been for sale at the date of the latest general revaluation 1 September 2010. This valuation does not include chattels, dairy company shares, stock, crops, machinery or trees. The valuation is deemed to include GST (if any) for residential property, and exclude GST for other property types.
Land Value - Land Value is the probable price that would be paid for the bare land as at the date of valuation. The Land Value includes any development work which may have been carried out, such as draining, excavation, filling, retaining walls, reclamation, grading, levelling, clearing of vegetation, fertility build-up or protection from erosion or flooding.
Value of Improvements - This is the difference between Capital Value and the Land Value. It reflects the added value given to the land by any buildings or other structures present on the property, and any landscaping that has been done.
Ratepayer - The owner is deemed to be the ratepayer, unless there is a registered legal agreement giving another person the right to occupy the property for a minimum of ten years.
All properties revalued every 3 years
Porirua City Council is required to value all properties in the city at least every 3 years, and this is termed a General Revaluation. Sales and other evidence is gathered, and at one point in time, the relative values of every property is set. This date is called the revaluation date, and was set as 1 September, 2010. The next revaluation is 1 September 2013. These "Rating Values" are not changed until the next general revaluation unless there have been improvements added, subdivision has occurred, or errors or omissions have been discovered.
Preparation of New Values
Porirua City Council contracts Quotable Value NZ Limited to prepare the new values for the district. A detailed document supporting the new values is also developed and new values are sent to the Office of the Valuer General (OVG) for auditing. OVG staff do a detailed analysis of the new values and the justifications put forward, and run statistical tests over all the values and compare them to sales evidence. Once the OVG is satisfied, Council receives certification of the new values.
Revaluation Results
Hardcopy printouts of new values are available for viewing, free of charge, at Council's Administration Building at 16 Cobham Court. Alternatively you can call at your nearest QV office and request a Public Roll Enquiry for $13, or at a cheaper rate by using the internet as a casual user, see the Quotable Values website from the link below to order up-to-date property information. Valuation notices are mailed on 8/11/2010 to every ratepayer and/or owner of property in the district.
Overall results
The overall Capital Value of the Porirua City has decreased from $8,509,662,000 in 2007 to $8,057,006,000 in 2010, representing a decrease of -5.3%. The total Land Value has decreased from $3,656,553,000 in 2007 to $3,468,977,000 in 2010, which equates to a decrease of -5.1%.
Table one below summarises the overall movements within each sector of the City's property spectrum.
| Sector |
2007 CV |
2010 CV |
% Change |
2007 LV |
2010 LV |
% Change |
| - |
($000) |
($000) |
- |
($000) |
($000) |
- |
| Rural |
$117,518 |
$105,630 |
10.1% |
$97,320 |
$87,565 |
10.0% |
| Lifestyle |
$441,804 |
$384,224 |
13.0% |
$232,296 |
$209,457 |
-9.8% |
| Residential |
$5,967,663 |
$5,760,511 |
-3.5% |
$2,674,370 |
$2,565,974 |
-4.1% |
| Commercial / Industrial |
$1,049,847 |
$894,967 |
14.8% |
$385,252 |
$364,686 |
-5.3% |
| Other |
$932,830 |
$911,674 |
-2.3% |
$267,315 |
$241,295 |
-9.7% |
| Total |
$8,509,662 |
$8,057,006 |
-5.3% |
$3,656,553 |
$3,468,977 |
-5.1% |
Key: CV Capital Value. LV Land Value. Refer to Terminology below.
Breakdown of Residential Dwellings by Suburb
|
Location |
Average Capital Value |
Average Land Value |
Average CV Increase |
Average LV Increase |
| Pukerua Bay |
|
|
|
|
|
Dwellings |
$409,300 |
$209,300 |
-0.8% |
-3.4% |
|
Units |
$292,600 |
$145,600 |
-5.7% |
-1.9% |
| Plimmerton |
|
|
|
|
|
Dwellings |
$597,500 |
$358,700 |
-0.3% |
0.0% |
|
Units |
$319,700 |
$192,100 |
-0.2% |
-0.2% |
| Camborne |
|
|
|
|
|
Dwellings |
$472,800 |
$179,900 |
-2.5% |
-2.8% |
|
Units |
$331,800 |
$130,900 |
2.6% |
-3.0% |
| Mana/Paremata |
|
|
|
|
|
Dwellings |
$518,300 |
$243,400 |
-5.0% |
-4.8% |
|
Units |
$372,700 |
$155,600 |
-7.1% |
-4.5% |
| Papakowhai |
|
|
|
|
|
Dwellings |
$468,600 |
$171,400 |
-5.0% |
0.5% |
|
Units |
$291,900 |
$131,700 |
0.8% |
-4.7% |
| Whitby |
|
|
|
|
|
Dwellings |
$464,700 |
$171,300 |
-3.0% |
-5.2% |
|
Units |
$334,600 |
$119,400 |
-0.5% |
-4.6% |
| Ascot Park |
|
|
|
|
|
Dwellings |
$263,400 |
$117,600 |
-7.8% |
-5.0% |
|
Units |
$297,900 |
$114,300 |
-12.8% |
-5.1% |
| Waitangirua/Cannons Creek |
|
|
|
|
|
Dwellings |
$212,600 |
$77,700 |
-1.5% |
-4.9% |
|
Units |
$180,300 |
$63,500 |
-1.9% |
-4.9% |
| Porirua East/Ranui |
|
|
|
|
|
Dwellings |
$259,600 |
$120,800 |
-5.7% |
-7.4% |
|
Units |
$207,800 |
$96,000 |
-3.1% |
-4.9% |
| City Centre/Kenepuru |
|
|
|
|
|
Dwellings |
$385,400 |
$156,400 |
-4.1% |
10.1% |
|
Units |
$383,300 |
$233,700 |
-5.0% |
26.1% |
| Elsdon/Titahi Bay |
|
|
|
|
|
Dwellings |
$304,500 |
$146,400 |
-4.8% |
-5.2% |
|
Units |
$237,900 |
$108,700 |
-4.9% |
-5.4% |
| Onepoto |
|
|
|
|
|
Dwellings |
$352,600 |
$159,900 |
-3.0% |
-3.0% |
| Rural |
|
|
|
|
|
Dwellings |
$710,400 |
$347,700 |
-10.3% |
-9.8% |
| Total Porirua City |
|
|
|
|
|
Dwellings |
$371,600 |
$159,500 |
-3.6% |
-4.0% |
|
Units |
$275,100 |
$119,200 |
-2.7% |
-4.0% |
Impact Of Value Changes on Rates
The new property values won't be used to calculate rates until 2011/2012. Even then, a decrease in the value of your property won't automatically mean a reduced rates bill. The key factor will be whether your property value has increased more than the average, or less than average. This is explained in more detail below.
Revaluation and effects on rates
Many ratepayers believe when property values decrease in a revaluation, Council charge less rates. However, this is not the case as the rate charged for every dollar of a property's value is obtained by dividing the total revenue required by the total of all property valuations in the City.
The following example is designed to demonstrate the principles involved. In a city comprising five properties, with Capital Values of $100, $100, $200, $200 and $400 totalling $1000. If the Council required $200 general rates revenue, the general rate per $ of property is calculated as $200/1000 = 20 cents.
Each ratepayer would be required to then pay as follows:
$100 x 0.20c = $20,
$100 x 0.20c = $20,
$200 x 0.20c = $40,
$200 x 0.20c = $40 and
$400 x 0.20c = $80.
Total $200.
Following a general revaluation, the rate per dollar of property value will change in proportion to the movement in property values. By applying this to our example if overall property values decreased by 5%, but individual property values decrease by 20%, 30%, 15%, 35%, and 25% to give new property values of $80, $70, $170, $130 and $300,a total of $750.
If the revenue required by Council remains at $200, then the general rate per $ would fall to 16 cents ($200/$750) resulting in the ratepayers paying:
$80 x 0.27c = $21.33,
$70 x 0.27c= $18.67,
$170 x 0.27c= $45.33,
$130 x 0.27c = $34.67 and
$300 x 0.27c = $80.00.
The total paid by ratepayers equals $200 which is the Council's required revenue.
However, if the Council's requirements rose by 5%, the amount paid by each ratepayer would be $22.40, $19.60, $47.60, $47.63, $88.20 which totals $225.43.
Valuation Objection
Please call QV on 0800 787 284 if you disagree with your Rating Value so they can discuss your concerns with you. Ratepayers have the right to object to their Rating Value. In fact this is an integral part of the whole process, as objections allow valuers to assess individual components which may not have been considered in the mass-appraisal process. You can object online at http://www.qv.co.nz or call 0800 787 284 to request an objection form. Check the objection close off date on your notice of revaluation to ensure that you lodge an objection before the cut-off date.
Terminology
Capital Value
This is the assessment of the probable price that would have been paid for the property if it had been for sale at the date of the latest general revaluation shown on this notice. This valuation does not include chattels, dairy company shares, stock, crops, machinery or trees. The valuation is deemed to include GST (if any) for residential property, and exclude GST for other property types.
Land Value
Land Value is the probable price that would be paid for the bare land as at the date of valuation. The Land Value includes any development work which may have been carried out, such as draining, excavation, filling, retaining walls, reclamation, grading, levelling, clearing of vegetation, fertility build-up or protection from erosion or flooding.
Value of Improvements
This is the difference between Capital Value and the Land Value. It reflects the added value given to the land by any buildings or other structures present on the property, and any landscaping that has been done.
Ratepayer
The owner is deemed to be the ratepayer, unless there is a registered legal agreement giving another person the right to occupy the property for a minimum of ten years. For properties, which are not leased, the owner is shown on the valuation roll as the OCCUPIER.
Links to more rating information
Porirua City Council link:
External link: